- Silver retreat by over 1% of USD 32.64, because the growing American State Treasury undermines profits.
- Technical perspectives suggest consolidation from $ 31.00 to USD 32.60, with a resistance of USD 33.00.
- Down pressure can test support levels at USD 31.10 and USD 31.00, near critical movable medium.
The price of Silver withdraws after reaching a weekly highest level of USD 32.64 and falls below the psychological number of USD 32.00 after issuing mixed American jobs. The jump in the American profitability of treasury bonds and the remaining Greenback offer were a wind for gray metal. Therefore, silver (XAG/USD) trads at USD 31.82, with losses of over 1%.
Price analysis of XAG/USD: Technical perspectives
Despite the achievement of a two -month level, XAG/USD seems to consolidate around $ 31.00 – USD 32.60, unless buyers raise prices above USD 33.00 per ounce of Troy. Momentum changed Bearish in a low period, presented by a relative force indicator (RSI), but buyers are responsible because RSI remains above its neutral line.
XAG/USD must exceed USD 33.00 to expand the border. Violation of this level can cause prices to test a high level of October 29, $ 34.54, before a challenge last year in the amount of USD 34.86.
On the other hand, another minus is noticeable below 100-day SMA after $ 31.10, followed by $ 31.00. After cleaning these levels, the next support would be 50.47 USD 50.47, and then 200-day SMA for 30.27 USD
