The post XAG/USD appreciates above $34.00 on US political uncertainty and geopolitical fears appeared on BitcoinEthereumNews.com.

Silver prices bounce up on higher demand for safe assets as the US elections approach. China asks the US to change its language on Taiwan sparking geopolitical concerns. XAG/USD immediate bias turns positive with bulls aiming for $3425 ahead of $34.85. Silver Prices’ (XAG/USD) resumed their upside trend on Tuesday, with precious metals heading north favoured by political uncertainty as US elections approach, and growing geopolitical tensions. The outcome of the US election remains uncertain, with the candidates tied in only days away from the voting. This keeps risk appetite subdued and supports precious metals on their safe-haven status. Beyond that, the Chinese President, Xi Jinping has asked Joe Biden to change the US’s language on the issue of Taiwan’s independence. A new episode of the rift between the two superpowers provides additional support to the white metal. The immediate bias has turned positive, with the 4-hour RSI moving above 50. The pair might find some resistance at $34.25, ahead of the big target, of $34.85. Supports are $33.15 and $32.40. 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 make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves…

---

Filed under: News - @ October 29, 2024 11:22 am