- Silver acquires some positive traction for the second day in a row, although it lacks follow -up.
- Technical preparation requires some caution for bulls and location for more appreciation.
- Bears may wait a convincing break under EMA for 100 days before putting new bets.
Silver (Xag/USD) attracts buyers for the second consecutive day on Tuesday and moved away from the lowest level in about four weeks, about $ 30.85 to $ 30.80 that was touched last Friday. The white metal climbs to the area of 31.80-31.85 dollars during the first half of the European session, returns closer to the height of the swing, and it appears to be ready to estimate more.
From a technical perspective, Xag/USD showed some flexibility without average SIA movement for 100 days (EMA) last Friday. The next step is achieved up to the constructive view in the near term of commodities. However, the oscillator on the daily chart has not yet confirmed a positive bias and guarantees some caution before putting any additional estimate.
Consequently, you are likely to face any movement of another resistance near the $ 31.65 area before the brand of $ 32.00. Some follow-up to the latter can lead to a short march and raise Xag/USD to $ 32.40-32.45 dollars. Bulls may be aimed at exceeding the round of 33.00 dollars and a Swing Mother High test, about $ 33.40.
On the other hand, the daily basin appears to be around mid -31.00 dollars, now it protects the immediate side before the $ 31.20 region and a brand of $ 31.00. The latter coincides with EMA’s axial support for 100 days, which if it is decisively seen as a major operator of the dumpling merchants and making Xag/USD vulnerable to accelerating the decline towards the support area of $ 30.25.
The landmark can extend towards the psychological brand of $ 30.00 on its way to horizontal support $ 29.55-29.50 dollars. Xag/USD can eventually decrease to the round number $ 29.00 and December 2024 LOW, about $ 28.80 to $ 28.75.
Xag/USD daily chart
Common silver questions
Silver is very precious metals circulating among investors. It has been used historically as a value of value and amid exchange. Although it is less popular than gold, merchants may turn to silver to diversify their investment portfolio, compared to its fundamental value or as a possible hedge during high inflation periods. Investors can buy physical silver, in coins or in bars, or circulate through vehicles such as the boxes circulating in Excination, which follow their price on international markets.
Silver prices can move due to a wide range of factors. Geopolitical instability or fears of deep stagnation can make the price of silver escalating due to its safe position, although it is less than gold. As an inappropriate origin, silver tends to rise with low interest rates. Its movements also depend on how the US dollar (USD) is spent as the origin is priced in dollars (XAG/USD). The strong dollar tends to maintain the price of silver in the Gulf, while the dollar is likely to pay the weakest prices. Other factors such as demand for investment and mining offer – silver is much more abundant than gold – recycling rates can also affect prices.
Silver is widely used in the industry, especially in sectors such as electronics or solar energy, as it contains one of the highest electrical conductivity for all minerals – more than copper and gold. High demand in demand can increase prices, while the decline tends to reduce them. The dynamics in the United States and Chinese and Indian economies can contribute to price fluctuations: for the United States, especially China, its large industrial sectors use silver in various operations; In India, consumer demand for the precious jewelry also plays a major role in setting prices.
Silver prices tend to follow gold movements. When gold prices rise, silver usually follows its example, as its position as the similar safe origins. The percentage of gold/silver, which shows the number of ounces of silver needed to equal the value of one ounce of gold, to determine the relative evaluation between both minerals. Some investors may consider a high percentage as an indication that silver is dense with less than its value, or that gold is exaggerated. On the contrary, the low percentage may indicate that gold is less valuable for silver.
