The post XAG/USD slips below $34 as bearish wedge forms appeared on BitcoinEthereumNews.com.

Silver falls 1.2% to $33.69 as short-term chart hints at bearish wedge despite intact uptrend. RSI still bullish but showing signs of fading momentum as sellers start to pressure price action. Break below $33.47 could trigger test of $33.00 and 50-day SMA at $32.41; above $34.00, bulls may retarget $34.58. Silver prices retreated for the second consecutive day this week, dropping approximately 1.20% on Tuesday and falling below the $34.00 mark. As Wednesday’s Asian session begins, XAG/USD trades at $33.69, nearly unchanged. XAG/USD Price Forecast: Technical outlook Silver’s uptrend remains intact, but so far, it appears the grey metal is forming a ‘bearish wedge,’ which is preceded by an uptrend. This pattern typically presents itself during a downtrend, acting as a countertrend move, before sellers outpace buyers, causing prices to fall lower. The Relative Strength Index (RSI) suggests that sellers are gaining momentum, although it remains bullish. In the short term, if XAG/USD drops below $33.47, the wedge’s bottom trendline will be in play. If cleared and Silver falls beneath $33.00, look for a decline to test the 50-day Simple Moving Average (SMA) at $32.41. On the other hand, if Siver climbs past $34.00, buyers would remain in charge and challenge the March 28 peak of $34.58. 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 its price on international markets. Silver prices can move due to a wide…

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Filed under: News - @ April 1, 2025 11:28 pm