Silver price trims some of its last Friday’s gains. It forms a ‘bearish harami’ candlestick chart pattern, an indication that buyers were unable to capitalize on US Dollar weakness to push the grey metal price above last week’s high of $31.49.
Silver retreats beneath $31.00 after hitting a daily high of $31.36, forming a bearish harami pattern. Support levels to watch: $30.81 and $30.18 . Bullish targets: $31.49 and YTD high of $32.51 if upward momentum resumes. Therefore, XAG/USD reversed its course after hitting a daily high of $31.36, trading at $30.79, down more than 1.30%.
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 behaves as the asset is priced in dollars . A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up.
XAGUSD Metals Technical Analysis Silver
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silver Price Analysis: XAG/USD rebounds as bulls target $29.00Silver price stages a comeback on Thursday and erases yesterday’s losses of 0.46%.
Read more »
Silver Price Analysis: XAG/USD tumbles and remains bearish below $29.00Silver price fell on Wednesday as market participants awaited the release of the Fed’s preferred inflation gauge, the core Personal Consumption Expenditure (PCE) Price Index, after releases from major countries hinted at a reacceleration of inflation.
Read more »
Silver Price Analysis: XAG/USD collapses below 50-DMA as surrenders $29.00Silver price collapsed on Tuesday amid a strong US Dollar, sponsored by hawkish comments by Fed Governor Michelle Bowman.
Read more »
Silver Price Analysis: XAG/USD prints a leg-up despite remaining bearishSilver prices remain flat on Monday amid firm US Treasury yields and a weaker US Dollar.
Read more »
Silver Price Analysis: XAG/USD skyrockets over 3% and surpasses $30.00Silver price rallied sharply for the second straight day and climbed past $30.00 on Thursday amid elevated US Treasury bond yields and a stronger US Dollar.
Read more »
Silver Price Analysis: XAG/USD climbs more than 0.50%, eyes $30.00Silver climbed during the North American session, gaining more than 0.60% amid thin trading liquidity conditions.
Read more »