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Category: CRYPTO NEWS
The post XAG/USD drops as bears eye $32.00 appeared on BitcoinEthereumNews.com. Silver drops below last Friday’s low, eyeing support at $31.22 (100 & 50-day SMAs). A break below $31.00 could expose the 200-day SMA at $30.50. RSI trends downward, signaling weakening bullish momentum. Silver price drops over 1.20% on Monday even though US Treasury bond yields drop and the Greenback post minuscule gains. At the time of writing, the XAG/USD trades at $32.08 after reaching a high of $32.66. XAG/USD Price Forecast: Technical outlook The price of silver has fallen below last Friday’s low of 32.11, with sellers eyeing the $31.00 handle. If XAG/USD closes on a daily basis below $32.00, look for a test of strong support at the confluence of the 100 and 50-day Simple Moving Averages (SMAs) at $31.22. A breach of the latter will expose $31.00 a troy ounce and clear the path to challenge the 200-day SMA at $30.50. The Relative Strength Index (RSI) aims downwards to indicate that bulls had lost steam. Nevertheless, the RSI remains above its neutral level, indicating that bears are not out of the woods. Therefore, if XAG/USD climbs past $32.50, the next resistance would be the 32.76 March 6 peak, followed by the $33.00 mark. Bulls could challenge the February 14 $33.39 mark, ahead of $34.00 if surpassed. 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…
2025-03-10T23:44:34+00:00
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