The post XAG/USD surges over 2% aims towards $29.00 appeared on BitcoinEthereumNews.com.

Silver price jumps over 2%, trading at $28.99 after bouncing from daily lows of $28.25. XAG/USD clears the 100-DMA at $28.58; key resistance at $29.00 in focus. RSI indicates strengthening bullish momentum; next targets include $29.44 and $30.00, with support at $27.31 if bearish reversal occurs. Silver price resumed its uptrend and surged over 2% on Wednesday, clearing the 100-day moving average (DMA) at $28.58, a key resistance level that capped the grey’s metal advance toward $29.00. The XAG/USD trades at $28.99 after bouncing off daily lows of $28.25. XAG/USD Price Analysis: Technical outlook The grey metal uptrend remains in play, though buyers’ lack of strength to achieve a daily close above $29.00 could expose the precious metal to selling pressure. Buyers gathered some steam as shown by the Relative Strength Index (RSI), which, despite being below the neutral line, the steepest advance, hints that it would turn bullish and confirm price action. If XAG/USD reclaims $29.00, the next stop would be the July 24 peak of $29.44, followed by the 50-day moving average (DMA) at $29.89. Further gains are seen once Silver tops $30.00. Conversely, if XAG/USD slumps below the 100-DMA at $28.58, the next support would be the July 29 bottom of $27.31, followed by the $27.00 figure. XAG/USD Price Action – Daily Chart Silver FAQs Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets. Silver prices can move…

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Filed under: News - @ August 1, 2024 2:26 am