Commodities

Silver Price Prediction: Is This XAG/USD Dip A Buying Opportunity?

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Written By: Abdullah Sarwar
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    Summary:
  • XAG/USD Outlook: Silver price is having a pullback as DXY has hit its support. Nevertheless, the XAG/USD remains bullish on 1D timeframe.

Silver (XAG/USD) price had a 0.87% pullback on Friday. Nevertheless, the precious metal still managed to close the week 1.34% higher than the week before. Let’s try to determine with the help of the latest technical analysis, if the current pullback is a good buying opportunity.

On Christmas day, XAG/USD remained unmoved as the major trade centers across the globe remained closed. The trading will resume from the last week’s closing price of $24.18 tomorrow. However, the trading volume might remain low due to the holiday season.

Even though, silver experienced a correction on Friday, gold price still gained 0.34% on the same day. This showed that the investors preferred gold over silver amid a strong downtrend in the dollar strength (DXY) index.

However, the DXY chart shows that the index has hit a strong support level, which may result in a bounce in the coming days. If such a bounce occurs, gold and silver prices might face a pullback in the coming days.

On the other hand, technical analysis still gives a bullish silver price prediction as XAG/USD is once again trading above the uptrend line. As long as the price holds this diagonal support, the outlook will remain positive.

XAG/USD Technical Analysis

This post was last modified on Dec 25, 2023, 17:31 GMT 17:31

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.

Published by
Written By: Abdullah Sarwar