The post XAG/USD struggles at $32.00, retreats as US yields edge higher appeared on BitcoinEthereumNews.com.

Silver drops 0.85%, retreating from a daily peak of $32.26, pressured by rising US Treasury yields. XAG/USD must decisively clear $32.00 for a bullish continuation toward the YTD high of $32.51. Failure to hold above $32.00 risks a slide towards $31.44, with $31.00 as key support. Silver price retraces after matching the September 24 daily peak of $32.26 and drops beneath the $32.00 figure, losing over 0.85%, weighed by higher US Treasury yields. Also, a recovery of the US Dollar and investors’ reluctance to push the grey metal prices higher kept XAG/USD at familiar levels. XAG/USD Price Forecast: Technical outlook The uptrend on Silver remains in place, but price action suggests that buyers are struggling to keep the spot price above the $32.00 mark. During the year, XAG/USD has cracked the $32.00 barrier eight times, but after that, the non-yielding metal, dove. For a bullish continuation, the XAG/USD must decisively clear the $32.00 mark. After that, traders need to test the year-to-date (YTD) high at $32.51, followed by the $33.00 mark. On further strength, XAG/USD could aim towards the October 1, 2012, peak at $35.40. Conversely, if XAG/USD falls below $32.00, the next support would be the September 20 daily high at $31.44 before testing $31.00. 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 due to a wide…

---

Filed under: News - @ September 25, 2024 10:26 pm