- Silver retreats from a high level of $ 36.83 and trades at $ 36.16 as US dollar and has a higher growth.
- Candle forms of a recession; Weekly is important for a faster structure close to above $ 36.00.
- A breakdown below $ 36.00 exposes $ 35.68 and $ 35.29; The bulls will have to resume $ 36.83 to resume.
The price of silver sinks more than 1% on Friday, before the weekend, after refreshing the five -day high of $ 36.83, beyond $ 37.00. At the time of writing, Xag/USD trades $ 36.16 due to a slight recovery and rising American treasury yield in US dollars.
XAG/USD Price Forecasting: Technical approach
The price of silver retreated, a ‘recession’ Candle The chart pattern, which opens the door for low prices testing. It should be said that receiving a weekly close to a weekly closer than $ 36.00 keeps a strong support level in which buyers keep an eye on high prices.
Nevertheless, to resume the uptrend, the bulls need to recover the peak of 26 June at $ 36.83. Once crossed once, the next area of interest will be $ 37.00, followed by an annual peak of $ 37.31. In contrast, if silver slides below $ 36.50, a test of $ 36.00 is expected. On 24 June on 24 June, lower at a low of $ 35.68, followed by the latest cycle of $ 35.29.
XAG/USD Price Chart – Daily
Silver questions
Silver is a precious metal that does excessive trading among investors. It has historically used as a means of stocks and exchange of exchange. Although gold is less popular than gold, traders can turn to silver to diversify their investment portfolio, for its internal value or as a possible hedge during the high-stake period. Investors can buy physical silver, trade it in coins or in bar, or through vehicles such as exchange traded funds, which track its price on international markets.
Silver prices may proceed due to a wide range of factors. The price of silver may increase due to geopolitical instability or a deep recession fears due to its safe-horn position, although somewhat compared to gold. As a yield property, silver grows with low interest rates. Its gait also depends on how the US Dollar behaves as the property is priced at dollars (XAG/USD). A strong dollar goes to maintain the price of silver in the Gulf, while a weak dollar prices are likely to increase. Other factors such as investment demand, mining supply – silver is much more abundant than gold – and recycling rates can also affect prices.
Silver is widely used in industry, especially in areas such as electronics or solar energy, as it has one of the highest electrical conductivity of all metals – more than copper and gold. Increase in demand may increase prices, while the decline reduces them. Mobility in the US, Chinese and Indian economies can also contribute to value swings: for the US and especially China, their large industrial areas use silver in various processes; In India, the demand of consumers for precious metal for jewelery also plays an important role in determining prices.
Silver prices follow gold moves. When gold prices rise, silver usually follows the suit, as they have the same position as a safe-horn property. The ratio of gold/silver, which reflects the number of silver ounces equal to the value of an ounce of gold, can help determine the relative evaluation between the two metals. Some investors may assume a high ratio as an indicator that silver has not been evaluated, or gold is overwelled. Conversely, a low ratio may suggest that gold is underwelled relative to silver.
