The post XAG/USD skyrockets to a four-month peak above $32.00 appeared on BitcoinEthereumNews.com.

Silver jumps over 4%, hitting a four-month peak of $32.26. Bullish technical stance as RSI indicates continued upside potential for XAG/USD. Potential breakout above $32.26 could target the year-to-date high of $32.51, with further resistance at $33.00 and October 2012 peak of $35.40. Downside supports are at $32.00, followed by the September 20 high of $31.44, and additional support at $31.00. Silver price skyrocketed during Tuesday’s North American session and hit a four-month high of $32.26, posting gains of over 4% as the grey metal extended its rally sponsored by a drop in US Treasury yields and a weak US Dollar. The XAG/USD trades at $32.12 as Wednesday’s Asian session begins. XAG/USD Price Forecast: Technical outlook Silver is upward biased and is set to continue climbing to challenge the year-to-date (YTD) high of $32.51. The Relative Strength Index (RSI) is aiming higher after peaking on Monday, indicating that bulls are stepping in. if XAG/USD stays above $32.00 and punches through the $32.26 September 24 high, that could pave the way for the YTD high. Once surpassed, the next stop would be the $33.00 mark, ahead of the October 1, 2012 high at $35.40 On the other hand, if XAG/USD falls below $32.00, the next support would be the September 20 daily high at $31.44, before testing $31.00. 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…

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Filed under: News - @ September 24, 2024 11:18 pm