The post XAG/USD edges low as path turns bearish appeared on BitcoinEthereumNews.com.

Silver price drops below $27.00, closing lower for the second consecutive day. Bearish momentum with key support at $26.00 and possible 200-DMA test at $26.04. Resistances to monitor: $27.00, $28.00, 100-DMA at $28.69, with further at $29.00 and 50-DMA at $29.63. Silver price dropped some 0.99% on Tuesday and achieved a daily close below $27.00 for the second straight day, which could exacerbate further losses. The grey metal remains pressured by high US yields and a stronger US Dollar but remains boosted by rising tensions in the Middle East. Hence, the XAG/USD trades at $26.97 after hitting a daily high of $27.56. XAG/USD Price Forecast: Technical outlook Silver is neutral to downward biased after sliding below the 100-day moving average (DMA), which turned resistance at $28.59. Momentum is bearish as depicted by the Relative Strength Index (RSI), which falls steeply toward oversold conditions. Hence, the XAG/USD could test the 200-DMA at $26.04 in the short term. In that outcome, Silver’s next support would be $26.00, the March 27 low at $24.33, and the February 28 low at $22.28. Conversely, the XAG/USD first resistance would be $27.00, If buyers reclaim the latter, the next resistance would be  $28.00, followed by the 100-DMA at $28.69. A breach of the latter will expose $29.00, followed by the 50-DMA at $29.63. 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…

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Filed under: News - @ August 7, 2024 2:10 am