XAG/USD Analysis: Silver Price Approaching $35
Precious metal prices are fluctuating near multi-year highs due to safe-haven demand driven by:
Uncertainty surrounding the U.S. elections,
Ongoing tensions in the Middle East,
Expectations of central banks lowering interest rates.
As seen on the XAG/USD chart, silver prices:
Are near their highest levels in 12 years,
Are approaching the $35 mark,
Have risen by over 43% since the start of the year.
Technical analysis of the XAG/USD chart indicates that silver is following an upward trend (shown in a blue channel), with the current price near its median line. This suggests a potential balance between supply and demand, which could stabilise price fluctuations.
Key observations:
A red resistance line on the chart reflects a corrective phase within the blue channel.
Breaking through this resistance in September triggered a strong bullish impulse (marked by a blue arrow).
This impulse was so robust that it pushed the price above the psychological $30 level, turning it into support.
A similar pattern might emerge in the future. After another strong bullish move (marked by a second blue arrow), the $32.5 level could also become a support area.
Read analytical Silver price forecasts for 2024 and beyond.
Read more: https://fxopen.com/blog/en/oa-xag-usd-analysis-silver-price-approaching-35/
Text source: Forex Trading Blog
