The post Silver Price Forecast: XAG/USD slides toward $28.00 appeared on BitcoinEthereumNews.com.

XAG/USD hovers near $28.00, pressured by bearish RSI and moving averages above current levels. Breaking below $28.00 opens the door for further declines toward $27.71, potentially targeting the 200-DMA at $26.59. Bulls must reclaim the 100-DMA at $29.14 to shift momentum and regain control over Silver prices. Silver price ended Tuesday’s session with losses of more than 1.50%, after economic data in the US hints that manufacturing activity continues to decelerate. Although it justifies the Federal Reserve’s first interest rate cut in September, the Greenback advanced sharply on relief that the labor market is cooling gradually. The XAG/USD trades at $28.05. XAG/USD Price Forecast: Technical outlook At the time of writing, XAG/USD hovers around the $28.00 mark after hitting a two-week low of $27.71, yet buyers recovered some ground. However, momentum is tilted bearish, as shown by the Relative Strength Index (RSI) and the 50 and 100-daily moving averages (DMAs) standing above the current Silver price. For a bearish resumption, XAG/USD must clear the $28.00 figure, followed by the September 3 low of $27.71. Further weakness will sponsor a leg-down toward the August 14 swing low of $27.18, followed by the 200-day moving average (DMA) at $26.59. Conversely, buyers need to reclaim the 100-DMA at $29.14 if they would like to regain control. 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…

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Filed under: News - @ September 3, 2024 11:21 pm