The post XAG/USD retreats from two-month highs below $31.00 appeared on BitcoinEthereumNews.com.

Silver price drops over 1.5% after reaching a two-month high of $31.43, currently trading at $30.66. A daily close below $30.66 could exacerbate a drop toward the psychological $30.00 level, targeting the 100-day moving average (DMA) and the 50-DMA. If XAG/USD remains above $31.00, a re-test of the September 20 high at $31.44 is possible. Silver price retreats after hitting a two-month high of $31.43, falls over 1.50% and trades at $30.66 at the time of writing. Although US economic data was soft and US Treasury yields remained unchanged, the grey metal failed to gain traction on Monday. XAG/USD Price Forecast: Technical outlook Silver is upward biased, though a decisive breach below the downslope resistance trendline turned support can pave the way for further downside. The Relative Strength Index (RSI) peaked shy of cracking 64 and edged lower, indicating that sellers are stepping in. If XAG/USD prints a daily close below $30.66, that could exacerbate a drop to challenge the $30.00 mark. On further weakness, the next stop would be the 100-day moving average (DMA) at $29.47, followed by the 50-DMA at $28.96. On the other hand, if XAG/USD stays above $31.00, look for a re-test of the daily September 20 high at $31.44. 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…

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Filed under: News - @ September 23, 2024 10:25 pm