The post XAG/USD plummets over 3% below $28.00 appeared on BitcoinEthereumNews.com.

Silver retreats from $29.11 after failing to clear key resistance at confluence of the 50 and 100-day moving averages. RSI signals strong bearish momentum, with next support at $27.18, followed by $27.00 and the 200-DMA at $26.62. A rebound above $29.15 could lift Silver toward the key psychological level of $30.00. The Silver price plunged late in the North American session, down over 3%, and traded at $27.89 after reaching a high of $29.11. Market sentiment turned risk-averse to precious metals, while the Greenback gathered some traction amid falling US yields. XAG/USD Price Forecast: Technical outlook Silver prices retreated after testing the confluence of the 50 and 100-day moving averages (DMAs) at around $29.00-$29.15, which exacerbated the precious metal fall of over USD 1.00. Sellers gathered ground as momentum turned bearish. The Relative Strength Index (RSI) is on a steepest fall, signaling that the downtrend is strong. Once XAG/USD dropped below $28.00, the next support would be the August 14 swing low of $27.18. If surpassed, bears could drive the spot prices to $27.00 before challenging the 200-DMA at $26.62/ Conversely, if XAG/USD buyers lift prices above $29.15, the precious metal could remain bid. Up next would be the $30.00 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…

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Filed under: News - @ September 7, 2024 5:17 pm