Silver (XAG/USD) continues its upward trend for the second consecutive day, reaching a multi-day peak in the Asian session. Currently trading around $28.60, bulls are eyeing a breakthrough beyond the 100-day Simple Moving Average (SMA) resistance.
Technical indicators suggest a potential bullish move, with intraday resistance at the $29.00 mark. A break above this level could signal a further uptrend towards $29.45-$29.50. On the downside, support lies at $28.30, with a break below $28.00 indicating a bearish outlook towards $27.40.
Investors looking to diversify their portfolios may consider Silver as a valuable asset, with prices influenced by factors like geopolitical instability, interest rates, and industrial demand. The Gold/Silver ratio can also provide insights into relative valuation between the two metals.
Overall, Silver’s price movements offer opportunities for both short-term traders and long-term investors, depending on market conditions and economic factors.