The post Silver Price Forecast: XAG/USD consolidates below $30.00 appeared on BitcoinEthereumNews.com.

Silver holds above 50 and 100-DMAs, showing buyer strength, but momentum is diminishing. For uptrend continuation, a break above the August 26 peak of $30.18 is needed, aiming for $30.50 and July 17 high of $31.42. If gains below $30.00 aren’t sustained, expect a pullback to supports at $29.22-$29.13 and key $29.00 level. Silver’s price consolidated for the second straight day, within the $29.70-$30.10 area on Tuesday, yet printed gains of 0.24%. At the time of writing, XAG/USD trades at $29.96. XAG/USD Price Forecast: Technical outlook The XAG/USD trades above the confluence of the 50- and 100-day moving averages (DMAs), an indication of buyer strength. Still, Silver’s uptrend seems stretched, with bills failing to achieve a daily close above $30.00. Momentum supports buyers yet shows that they’re losing steam, as the Relative Strength Index (RSI) shows. Silver’s uptrend will continue once buyers reclaim the August 26 peak at $30.18. Once surpassed, the next resistance would be the $30.50 figure, followed by the July 17 swing high at $31.42. Conversely, if XAG/USD sellers keep prices below $30.00, this will expose the confluence of the 50 and 100-DMAs at around $29.22-$29.13, ahead of the $29.00 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 due to a wide range of factors. Geopolitical instability or fears of a deep recession can…

---

Filed under: News - @ August 27, 2024 10:20 pm