The post XAG/USD stabilizes around $30.50 as bulls and bears battle appeared on BitcoinEthereumNews.com.

Silver steadies following Monday’s drop below $31.00, showing slight recovery. RSI indicates upward momentum with potential for a ‘double bottom’ breakout if $31.00 is cleared. Key resistance at $32.29 and YTD high of $32.51; support at $30.18 and $28.57 if sellers take control. Silver price stabilizes above the $30.50 area for the second straight day, following Monday’s losses of more than 1.20% that tumbled the grey’s metal price beneath the $31.00 figure. At the time of writing, the XAG/USD traded at $30.79 and gained some 0.03% on Tuesday. XAG/USD Price Analysis: Technical outlook Silver remains upward biased, with momentum backing buyers, as shown by the Relative Strength Index (RSI). Further, a ‘double bottom’ looms, though the tug-of-war between bulls and bears around the crucial June 21 high turned support at $30.84 remains, keeping buyers at bay. However, if they clear the $31.00 mark, the next resistance would be the May 29 high at 32.29, ahead of testing the year-to-date (YTD) high of $32.51. A breach of the latter will expose the psychological $33.00 figure. Conversely, if sellers drag XAG/USD’s price below the July 5 low of $30.18, that will expose the $30.00 mark. Once hurdle, the next stop would be the June 26 last cycle low at $28.57. 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…

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Filed under: News - @ July 10, 2024 3:10 am