The post XAG/USD dips as US Dollar strength pushes price below $31.00 appeared on BitcoinEthereumNews.com.

Silver retreats over 1.14% as traders shift focus to the Greenback, though remains up 1.90% for the week. Technicals indicate a bearish trend with potential support at $30.00 after breaking below the 100-day SMA. RSI trends suggest bearish momentum is increasing, indicating possible further declines in silver prices. Silver’s price retreats over 1.14% on Wednesday, yet it remains up 1.90% in the week as traders ditch the grey metal in favor of the Greenback. At the time of writing, XAG/USD trades at $30.82 a troy ounce, beneath the $31.00 psychological mark. XAG/USD Price Forecast: Technical outlook The non-yielding metal trades within the $30.38-$31.75 range, guarded by the 100- and 50-day Simple Moving Averages (SMAs), respectively. Despite being range-bound, the XAG/USD is downward biased in the short term as the precious metal achieves successive series of lower highs and lower lows. Once sellers push XAG/USD below the 100-day SMA, a bearish resumption will occur. If cleared, the next support would be $30.00 a troy ounce, followed by the November 14 swing low of $29.68 and the 200-day SMA at $28.88. If buyers moved in and pushed XAG/USD above $31.00, the 50-day SMA would be next, ahead of the $32.00 figure. Indicators such as the Relative Strength Index (RSI) hint that bears continue to gather steam. Therefore, further XAG/USD downside is expected. 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…

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Filed under: News - @ November 21, 2024 12:25 am