- Silver, powerful dollar pressures were prepared to decrease more than 1.80% as metal.
- The Bearish Harami pattern and the soft RSI recommend that negative deviation may accelerate.
- Key Support 32,70 $ and 50 -day SMA; Upside is limited to $ 33.69 and $ 34.00.
Silver Price returned negatively during the North American session, and the dollar was prepared to finish the week with more than 1.80% losses because it improves during the day. XAG/USD is traded at $ 32.87 with a decrease of 1.29%.
XAG/USD Price Estimation: Technical View
Silver price trade, but it created a ‘decline haram’ candle graphic pattern with decrease effects. Since the relative force index (RSI) reaches a lower groove on the neutral line of RSI, it seems that the momentum is shifting in favor of the momentum sellers, which can show that gray metal is prepared for a lower leg for a lower leg.
If the XAG/USD remains below $ 33,00, the next violation support will be a swing of the 29th of 29 May a swing of $ 32.70. In this result, the next test would be from $ 32.68 simple moving average (SMA), then 100 -day SMA test at $ 32.11 and 200 -day SMA’s $ 31.40.
However, recipients looking for a leg of $ 33,00 and looking for a leg for $ 33.69 can pave the way for a $ 34 challenge. With more power, the next resistance level of XAG/USD will be $ 34.58, then $ 35.00.
XAG/USD Price Graph – Daily
Silver FAQ
Silver is a valuable metal that is very largely traded among investors. It was historically used as a value store and a means of change. Although it is less popular than gold, traders can diversify their investment portfolios, return to silver as a potential fence during their internal value or high inflation periods. Investors can buy physical silver, coins or bars or exchange them with tools such as stock market investment funds following the price in international markets.
Silver prices can move due to a wide variety of factors. Although geopolitical instability or a deep stagnation fear is less than Gold, the silver price can increase due to safe clean change from silver security. As an inefficient asset, silver tends to rise with lower interest rates. His movements also depend on how the US dollar (USD) behaves as the dollar priced (XAG/USD). While a strong dollar tends to keep the price of silver in the gulf, it can increase a weaker dollar prices. Investment demand, mining supply – other factors such as silver are much more than gold and recycling rates can affect prices.
Silver is widely used in the industry, especially in sectors such as electronic or solar energy, because it has one of the highest electrical conductivity of all metals – more than copper and gold. While the demand increase can increase prices, a decrease tends to reduce them. The dynamics in the economies of the United States, China and India can also contribute to price fluctuations: large industrial sectors for the US and especially China use silver in various processes; In India, consumers’ demand for valuable metal for jewelry plays a key role in determining prices.
Silver prices tend to follow Gold’s moves. When gold prices increase, silver typically follows the case, because status is similar as safe assets. The gold/silver ratio, which shows the number of silver ounce required to be equal to an ounce of gold, can help determine the relative valuation between the two metals. Some investors can think of a high rate as an indication that silver is worthless or that gold is over -valued. On the contrary, a low ratio may suggest that gold is worthless compared to silver.
