Silver (XAG/USD) continues to show positive momentum for the second day in a row, with the white metal trading above $29.35. However, caution is advised as technical indicators suggest a possible downside ahead.
The recent bounce from the $28.60-$28.55 support zone is a positive sign, but the XAG/USD faces resistance at the $29.40-$29.45 level. Breaking above this could lead to a test of $30.00 and beyond, with potential resistance at $30.35-$30.40.
On the downside, a break below $29.00 could signal a bearish trend, with key support at the $28.60-$28.55 level. A move below this could push XAG/USD towards $27.50-$27.40.
Silver Daily Chart
Silver FAQs
Silver is a precious metal that traders use to diversify their portfolios and hedge against inflation. Factors such as geopolitical instability, interest rates, and the strength of the US Dollar can impact Silver prices. It is also widely used in industries like electronics and solar energy.
Overall, investors should monitor technical indicators and key support levels to make informed decisions when trading XAG/USD.