XAG/USD pulls back from $37.00 as US Dollar rebounds on US-Sino talks
The post XAG/USD pulls back from $37.00 as US Dollar rebounds on US-Sino talks appeared on BitcoinEthereumNews.com.
Silver slips to $36.52 after briefly testing $37.00 resistance zone. RSI signals overbought conditions, hinting at potential near-term pullback. Uptrend intact above $35.00; key support seen at $35.40 and $35.00. Silver price faces resistance near $37.00 and retreats by some 0.50% on Tuesday as the US dollar stages a comeback, with investors growing more confident of a US-China deal later in the day. At the time of writing, the XAG/USD trades at $36.52, below its opening price. XAG/USD Price Forecast: Technical outlook Despite retreating, XAG/USD remains upward biased after clearing the October 23, 2024, peak of $34.86, which exacerbated an advance to $35.00 and beyond. It should be noted that the Relative Strength Index (RSI) reached overbought conditions. Although this sets up a pullback, buyers would remain safe as long as Silver remains above the $35.00 mark. Key resistance lies at $36.82, $37.00, and $37.49, a 13-year high set on February 29. Conversely, if XAG/USD tumbles below $36.00, the first support would the $35.40, a high from October 2012, which has since turned into support. Once surpassed, the next stop is $35.00, followed by the $34.00 and $33.00 figures, ahead of the 50-day Simple Moving Average (SMA) at $32.95. XAG/USD Price Forecast: Technical outlook 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 wide range of factors. Geopolitical instability or fears of…
