The post Slips below $34 as USD strength pressures metals appeared on BitcoinEthereumNews.com.

Silver stalls at $33.54, unable to reach $34.00 again amid strong US Dollar. Mixed technical signals; ‘hammer’ formation suggests upside, RSI hints at buyer resurgence. Watch for break above $34.00 to aim for $34.51 and $35.00; fall below $33.00 could see $32.50 and $31.92 (50-day SMA). Silver price consolidated below the $34.00 figure for the second consecutive day and printed a bearish day, losing over 0.68% on Thursday, characterized by overall US Dollar strength. At the time of writing, as the Asian session begins, the XAG/USD trades at $33.54, virtually unchanged. XAG/USD Price Forecast: Technical outlook Even though Silver hit a fresh five-day low of $33.10, it bounced off the latter and hovers in the mid $33-$34 range a troy ounce after forming a ‘hammer.’ Despite retracing somewhat during the last few days, the Relative Strength Index (RSI) shows buyers are moving in, which could push the grey’s metal price higher. If XAG/USD clears $34.00, the following key resistance would be October 30, 2024, peaking at $34.51, followed by the $35.00 mark. On the other hand, if XAG/USD tumbles beneath $33.00, the next support would be the $32.50 psychological figure, followed by the 50-day Simple Moving Average (SMA) at $31.92. XAG/USD Price Chart – Daily 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…

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Filed under: News - @ March 21, 2025 12:25 am