Silver price surged on Wednesday and, on its way north, cleared the key resistance trendline seen passing at around $30.00, which underpinned the grey metal to an eight-day high of $30.66.
Silver climbs to $30.66, an eight-day peak, surpassing the $30.00 resistance. Technicals indicate a strong upward trend, with XAG/USD exiting a descending channel. Resistance levels: $30.84 , $32.51 . Support points: $30.00, $29.48 , $29.00, $28.57 , $27.59 . As the Asian session begins, the XAG/USD trades at $30.44, virtually unchanged.
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 Technical Analysis Silver
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