- Price is fixed near his highest level for a period of 32.56 dollars, and recorded on February 5.
- A break above the RSI 70 level can indicate the conditions that extinguish its peak, which may lead to a declining correction.
- The critical support area of EMA appears for nine days at $ 31.58, followed by the lower boundaries of the emerging canal at $ 31.00.
Silver Price (Xag/USD) extends the winning chain in the fourth consecutive round, as it is traded near $ 32.30 per tiring ounces during the hours of Asia on Thursday. Technical analysis on the daily chart highlights strong biological bias, while maintaining an upward pathway within an upward channel.
The Xag/USD pair remains higher than both of the automatic moving averages for nine days and 14 days (EMAS), indicating strong momentum in the short term. In addition, the 24 -day relative index (RSI) approaches the level of 70, which enhances the upward feelings. The lounge of the top 70 sign can indicate the conditions that are made, which may lead to a declining correction.
In the upward direction, the silver price faces immediate resistance at an altitude of three months of $ 32.56, and was reached on February 5. The decisive collapse above this level can pave the way for testing the upper boundaries of the emerging channel at $ 33.10.
The support levels include EMA for nine days at $ 31.58, followed by EMA for 14 days at $ 31.28, and the lower border of the channel is upward at $ 31.00. Less decrease from the critical support area can weaken this upward view, exposing the Xag/USD pair for more negative aspect towards its lowest level for five months at 28.74 dollars, registered on December 19.
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.
