XAG/USD rebounds to $51.37 as yields drop
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Silver (XAG/USD) rallies sharply during the North American session, edged up more than 2.50% after bouncing off daily lows of $49.73 and trades at $51.37 at the time of writing. Expectations that the Federal Reserve might ease policy in December push US Treasury yields lower, a tailwind for the non-yielding metal. XAG/USD Price Forecast: Technical outlook Silver’s uptrend in the short-term resumed, but traders need to clear key resistance at $52.46, November 13 high. A breach of the latter will expose the yearly high of 54.46 reached in mid-October, ahead of the $55.00 milestone. Momentum as measured by the Relative Strength Index (RSI) is bullish, hence the path of least resistance is upwards. Conversely, if XAG/USD tumbles below $51.00, look for a drop towards $50.00. Once cleared, the 20-day SMA is up next at $49.67, followed by the 50-day SMA at $48.45 XAG/USD Price Chart – Daily XAG/USD daily chart 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 a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar…
