Silver prices staged a comeback after dipping to a weekly low of $33.09, though it remains below its opening price by 0.10% late during Friday’s North American session.
Silver trades at $33.64, bouncing back from a weekly low of $33.09 as RSI approaches overbought territory, signaling bullish momentum. Key resistance levels include the October 24 high at $34.29, YTD high at $34.86, and October 2012 peak at $35.40. A bearish daily close could shift bias to the downside, with first support at $33.24, followed by $33.00 and October 17 low of $31.32. At the time of writing, XAG/USD trades at $33.64.
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. Its moves also depend on how the US Dollar behaves as the asset is priced in dollars .
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