The grey metal registered minimal gains on Wednesday as Silver has been consolidating within the $30.50-$31.00 range since Tuesday.
Silver consolidates within $30.50-$31.00 range, trades at $30.80, up 0.11%. RSI indicates bullish momentum, but flat slope suggests buyers are cautious. Key resistance at $31.00, July 5 high of $31.49; support at $30.50 and $30.18, with critical level around $29.78/74. Even though US Treasury yields edged lower along with the US Dollar, XAG/USD was unable to capitalize on it and traded at $30.80, up 0.11%.
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. Which factors influence Silver prices? 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.
XAGUSD Technical Analysis Silver
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