Silver 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.
XAG/USD hovers near $28.00, pressured by bearish RSI and moving averages above current levels. Breaking below $28.00 opens the door for further declines toward $27.71, potentially targeting the 200-DMA at $26.59. Bulls must reclaim the 100-DMA at $29.14 to shift momentum and regain control over Silver prices. Although it justifies the Federal Reserve’s first interest rate cut in September, the Greenback advanced sharply on relief that the labor market is cooling gradually.
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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