Silver price recovers in late trading on Wednesday, gains over 0.74%, and trades at $28.21 at the time of writing.
XAG/USD climbs to $28.21, reclaiming the key $28.00 level after US JOLTS data hints at rate cuts. Momentum remains flat despite a bullish RSI, with key resistance at the 100-DMA of $29.14. Sellers must push below $28.00 to test support at $27.71 and the 200-DMA at $26.59. US data reassured that the labor market is cooling, as the latest US JOLTS report portrays. This increased the odds for a 50-basis point interest rate cut at the next Fed meeting in two weeks.
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 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 Forecast: XAG/USD climbs to near $28 with US Inflation in spotlightSilver price (XAG/USD) surges to near $28.00 in Monday’s North American session.
Read more »
Silver Price Forecast: XAG/USD struggles to reclaim $28 despite soft US PPI reportSilver price (XAG/USD) faces pressure in Tuesday’s American session even though the United States (US) producer inflation remained soft in July.
Read more »
Silver Price Forecast: XAG/USD remains subdued near $28 as Fed big rate-cut bets waneSilver price (XAG/USD) exhibits a subdued performance near $28.00 in Wednesday’s New York session.
Read more »
Silver Price Forecast: XAG/USD plunges to near $28 ahead of busy US data weekSilver price (XAG/USD) extends its losing spree for the third trading session on Tuesday.
Read more »
Silver Price Forecast: XAG/USD slides toward $28.00Silver price ended Tuesday’s session with losses of more than 1.50%, after economic data in the US hints that manufacturing activity continues to decelerate.
Read more »
Silver Price Forecast: XAG/USD falls to confluence of 50/100-DMAs ahead of $28.00Silver prices tumbled toward a critical confluence technical level on Wednesday, after bulls failed to sustain the grey’s metal quote above the $30.00 a troy ounce level.
Read more »