- The price of silver decreases more than 1% from $ 32.64 because the increase in US treasure yields undermines profits.
- The technical perspective suggests a possible consolidation between $ 31.00 and 32.60, with resistance at $ 33.00.
- The downward pressure can test support levels at $ 31.10 and $ 31.00, near critical mobile socks.
The price of silver goes back after reaching a weekly maximum of $ 32.64 and falls below the psychological figure of 32.00 $ after the publication of mixed employment data in the US. The increase in yields of the treasury bonds USA and the permanence of the dollar supply were obstacles to gray metal. Therefore, La Plata (XAG/USD) trades at $ 31.82, with losses of more than 1%.
XAG/USD PRICE ANALYSIS: TECHNICAL PERSPECTIVE
Despite reaching a maximum of two months, the XAG/USD seems to be ready to consolidate around $ 31.00 – 32.60 $ unless buyers drive prices above $ 33.00 per Troy ounce. The momentum has changed to bassist in the short term, as the relative force index (RSI) shows, but buyers are in charge since the RSI remains above its neutral line.
The XAG/USD needs to exceed $ 33.00 for an extension of the upward trend. A rupture of that level could boost prices to test the maximum of October 29, 34.54 $, before challenging last year’s peak at $ 34.86.
On the other hand, a greater fall below the 100 -day SMA is expected at $ 31.10, followed by the figure of $ 31.00. Once those levels are clear, the following support would be the 50 -day SMA at $ 30.47, followed by the 200 -day SMA at $ 30.27
XAG/USD Price Graph – Diario
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
