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
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