The post Silver Price Analysis: Stalls at SMA confluence as RSI stays bearish appeared on BitcoinEthereumNews.com.
Silver price edges up over 0.50% during Friday’s session, after bouncing off a daily low of $73.10. Speculation about a resumption of negotiations between Washington and Tehran is cheered by investors, which pushed US equities higher in tandem with the precious metals segment. At the time of writing, the XAG/USD trades at $75.83, XAG/USD Price Analysis: Technical outlook Technically, Silver is poised to consolidate within the 20- and 100-day Simple Moving Averages (SMAs), both at $75.64. Worth noting that since bottoming at around $61.02 on March 23, the white metal continued to record higher lows, an indication that the uptrend might continue. However, the latest uptrend impulse peaked at around $83.05, with sellers outweighing buyers, pushing prices towards $75.00. From a momentum standpoint, further losses are expected as the Relative Strength Index (RSI) is bearish. For a bearish continuation, sellers must clear the $75.00 mark, followed by the April 13 daily low of $72.61. On further weakness, the next stop would be the April 7 daily log of $69.82. On the flip side, buyers must reclaim the 100-day SMA, immediately followed by the 50-day SMA at $78.57. Above this confluence, the next resistance is the $80.00 psychological figure. XAG/USD Price Analysis: Technical outlook XAG/USD 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…