Created
: 2024.11.29
- English
- English
- What's Myforex
- Share
- Use tools
- Get information
- What's New
- Help center
- About us
- Customer support
- Terms and policies
-
-
PortfolioShare your portfolio and performance in real time -
Events & contestsEvents and contests held by retail brokers around the world
-
-
Real-time spread comparisonCompare spreads of major retail brokers in real time -
Volatility analysisVisualize volatility as a measure of daily market activity -
Swap point comparisonCompare buy and sell swap values for each broker by symbol -
Market rates & chartsCheck prices for all instruments offered by each broker -
IndicatorsProviding in-house developed indicators for MT4/MT5 -
Trading calculatorsCalculation tools for each broker to help you trade
-
-
World FX newsLatest news on forex and cryptocurrencies from around the world -
Broker informationTrading information of retail brokers worldwide -
MetaTrader4/5 user guideUser guide collection for the latest MetaTrader4/5 -
Economic calendarRelease calendar for indicators from official sources of major economies
Silver Price Forecast: XAG/USD extends recovery to near $31.00 as safe-haven demand improves
World FX news
Breaking news
Silver Price Forecast: XAG/USD extends recovery to near $31.00 as safe-haven demand improves
New
2024.11.29 23:38
2024.11.29 23:38
2024.11.29 23:38
- Silver price extends its recovery to near $31.00 as demand for safe-haven asset improves.
- Russia threatens to attack Ukraine with nuclear-capable ballistic missiles.
- The US Dollar recovers with investors focusing on a slew of US economic data.
Silver price (XAG/USD) recovers further to near $31.00 in North American session on Friday. The white metal bounced back on Thursday after posting a fresh 11-week low near $29.60. The asset strengthens as investors fear that Russia could launch a nuclear attack on Ukraine.
Russia threatens a possible nuclear-capable ballistic missile strike on Ukraine, followed by firing a series of Intermediate Range Ballistic Missiles (IRBM) on 17 targets, including defense and energy facilities. The prevailing war between Russia and Ukraine keeps the demand for safe-haven assets intact. This was the second-largest Russian attack on Ukraine, according to Ukraine's energy ministry. Historically, the safe-haven appeal of precious metals such as Silver increases at times of global market uncertainty or heightened geopolitical risks.
In the Middle East, tensions between Israel and Iran have eased, with a ceasefire coming into effect early this week.
Meanwhile, the US Dollar (USD) rebounds strongly as investors shift focus to the United States (US) labor market and business activity data, which will be released next week. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, bounces back after posting a fresh two-week low near 105.60.
Silver technical analysis
Silver price rebounds strongly after sliding to near the upward-sloping trendline around $29.50, which is plotted from the February 29 low of $22.30 on a daily timeframe. Still, the outlook of the Silver price is bearish as a bear cross, represented by 20 and 50-day Exponential Moving Average (EMA) around $31.30, points to an escalation in the downside trend.
The white metal weakened after the breakdown of the horizontal support plotted from the May 21 high of $32.50.
The 14-day Relative Strength Index (RSI) oscillates in the 40.00-60.00 range, suggesting a sideways trend.
Silver daily chart
Silver FAQs
Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. 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.
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 (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. 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, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals - more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers' demand for the precious metal for jewellery also plays a key role in setting prices.
Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.
Last updated
: 2024.11.29
Related articles
Gold dips amid rising US yields ahead of next week's FOMC meeting
2024.12.14 01:35Silver Price Forecast: XAG/USD retreats below $32.00 amid high US yields
2024.12.13 23:20Palladium market balanced this year and next according to leading producer - Commerzbank
2024.12.13 22:39Gold price falls below $2,700 again - Commerzbank
2024.12.13 21:20Gold extends losses with the Dollar supported by higher yields
2024.12.13 19:25Silver price today: Silver falls, according to FXStreet data
2024.12.13 18:30
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
Was this article helpful?
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Thank you for your feedback.
Thank you for your feedback.
Most viewed
NZD/USD Price Analysis: Pair edges lower to 0.5760 as selling pressure mounts
The NZD/USD pair struggled on Friday, slipping by 0.14% to 0.5760 and failing to hold onto gains that briefly lifted it toward the 0.5850 area.
New
2024.12.14 06:38Australian Dollar struggles under pressure as Fed policy shifts
The Australian Dollar exhibits a subdued performance in Friday's session, pressured by a strengthening US Dollar (USD).
New
2024.12.14 06:00EUR/USD Price Forecast: Hovers near 1.0500 post-ECB's rate cut
The EUR/USD remains reluctant to remain far from the 1.0500 figure for the fifth consecutive day, even though the ECB decided to cut rates on Thursday, which pushed the pair toward its weekly low of 1.0452.
New
2024.12.14 05:12Mexican Peso rebounds amid prospects of Fed rate cut
The Mexican Peso recovered after registering losses on Thursday and appreciated some 0.50% against the Greenback during the North American session.
New
2024.12.14 04:12US Dollar holds its ground on quiet Friday
The US Dollar Index (DXY), which measures the value of the USD against a basket of currencies, trades neutral on Friday with some minor gains in the US trading session.
New
2024.12.14 03:35Dow Jones Industrial Average extends losses, sheds another 100 points
The Dow Jones Industrial Average (DJIA) softened during a sedate Friday session.
New
2024.12.14 03:32Gold dips amid rising US yields ahead of next week's FOMC meeting
Gold price fell for the second consecutive day as high US Treasury bond yields weighed on the yellow metal.
New
2024.12.14 01:35EUR/USD Price Analysis: Pair recovers slightly, still below 20-day SMA
The EUR/USD pair managed a modest rebound on Friday, rising by 0.2% to 1.0495 after testing fresh lows earlier in the week.
New
2024.12.14 01:01Silver Price Forecast: XAG/USD retreats below $32.00 amid high US yields
Silver prices dropped on Friday after buyers could not hold prices above $31.00.
New
2024.12.13 23:20USD/CAD Price Forecast: Sets to rally further
The USD/CAD pair refreshes more than a four-year high around 1.4240 on Friday.
New
2024.12.13 23:08Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy
