Silver price extended its losses to three straight days, late in the North American session, plummeting more than 5% weekly due to investors booking profits, according to Jim Wyckoff of Kitco.
Silver edgesdown 2.05%, continues three-day decline amid profit-taking. Technicals suggest more selling as RSI drops below 50. Key supports: $29.00, June 26 low of $28.57, 100-DMA at $28.23. For bullish turn, XAG/USD must surpass $29.50, with resistance at $30.17 and $31.00. The grey metal witnessed its meteoric rise of eleven days, ending as the XAG/USD trades beneath the $29.20 mark, losing 2.05%.
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. Its moves also depend on how the US Dollar behaves as the asset is priced in dollars .
XAGUSD Technical Analysis Silver
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