The post XAG/USD tumbles below $31.00 on firm US Dollar appeared on BitcoinEthereumNews.com.

Silver prices break below 50-day SMA at $31.41, testing support at 100-day SMA at $30.28. Bearish momentum confirmed by RSI; further decline could target 200-day SMA at $28.55. Reclaiming $31.00 could see silver challenge resistance at 50-day SMA and November highs. Silver price drops over 1.80% on Monday trading late in the New York session, trading below the $31.00 a troy ounce, amid worries about Trump’s second term could escalate a trade war. At the time of writing, the XAG/USD trades at $30.69, after hitting a daily high of $31.55. XAG/USD Price Forecast: Technical outlook The uptrend in Silver prices is intact, yet after falling below the 50-day Simple Moving Average (SMA) at $31.41, sponsored XAG’s leg down to test the 100-day SMA at $30.28. Indicators such as the Relative Strength Index (RSI) turned bearish, and drops further, an indication that if sellers clear the latest key support area between $30.00-$30.28, they would be in charge. In that outcome, the next support would be the 200-day SMA at $28.55, followed by the September 6 low of $27.69 Conversely, if buyers reclaim $31.00, look for a test of the 50-day SMA. Once cleared, the next supply zone would be the November 7 high at $32.15. 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 range of factors.…

---

Filed under: News - @ November 11, 2024 10:23 pm