Silver prices (XAG/USD) are trading higher this Tuesday, following the market’s risk-on sentiment as a new US administration is set to take off tomorrow. Driving sentiment on the day is the upbeat mood of the market, which is driving risky commodity demand. This is also producing a softer US Dollar, […]
XAGUSD: Silver Prices
In this section, you will find our latest Silver price news and analysis, you will also be able to read about its history, and find a live chart for technical analysis.
Just like gold, silver is a precious metal that is widely seen by investors as having intrinsic value. This means that the demand for it typically rises in the midst of concerns like slow economic growth, unemployment, political uncertainty, war, and the like. It is widely assumed that amid these problems this tangible asset will still hold value. With that said, XAGUSD tends to trade higher when investors have a cause for concern. For instance, the precious metal’s rally in 2010 was fueled by concerns surrounding the eurozone debt crisis and the potential contagion it posed.
What is XAGUSD?
XAGUSD is the financial symbol for the spot price of silver and in terms of US dollars. Prior to the 2008 financial crisis, there was very little demand for the precious metal. In fact, the spot price of silver averaged around $4.99 an ounce from September 1998 to May 2003. It then rose to $14.44 in 2006 to 2007. In 2008, it reached a low of $8.50 and rose to $49.53 in two years!
Secondly, because it is priced in US dollars, silver also shares an inverse relationship with the currency. This means that a stronger dollar could weigh it down while a weaker dollar could help it gain traction on the charts. Aside from the fact that it is pegged against the US dollar, another reason for this relationship is because the US dollar can also be viewed as a cheaper safe-haven alternative to precious metals. The currency has gained this reputation thanks to its Treasury bills and the fact that the US has never missed paying its debt on time.
It is also said that silver tends to react to manufacturing data. This is because unlike gold, silver actually has some industrial uses. The precious metal is used in automotive, electronics, and event photography.
Live XAGUSD Chart
Silver Price News
Silver price has turned ugly. It is trading at $25.50, where it has been in the past few days. From September last year, the metal has traded between the resistance at $28 and the support of $21.72. Today, it is up by more than 1.38%. What’s happening: Silver price has […]
The Team head of FICC Technical Analysis and Research at Commerzbank is predicting that silver prices could make a sharp drop, with a near-term risk of hitting the $22.24 price level. According to the analysis report by Karen Jones, the sharp selloff followed rejection at the 28.12 price level. Despite […]
The silver price is bouncing back today after it dropped by more than 10% yesterday. It is also in its first day in the green since Tuesday last week. It is trading at $25.40, which is slightly above yesterday’s low of $24.35. Other metals like gold and copper are also […]
Silver price on the XAG/USD charts extended losses into the second day, as higher bond yields in the US and a stronger greenback put pressure on the white metal in Thursday’s trading session. However, the downside move appears to have been limited by the lower edge of the ascending channel, […]
Silver prices on the XAGUSD pair continued their uptick today, boosted by an improvement in business conditions in the US manufacturing sector. The US ISM Manufacturing PMI rose to 60.7, which was better than November’s reading of 57.5 and the consensus number of 56.6. The recent increase in silver prices […]
Silver price is up for the second straight day ahead of the important interest rate decision by the Federal Reserve. The white metal is trading at $24.72, which is still in the range where it was in the past few days. Other metals like gold and copper are also rising. […]
Silver price is down by more than 1% even as the US dollar decline continues. The white metal is trading at $24.20, which is in the same range where it has been in the past few days. Gold has also dropped while copper and platinum are in an upward trend. […]
Silver prices on the XAG/USD charts showed that the white metal gained slightly as a result of some bullish follow-through buying. However, the latest bullish move lacks conviction, as the asset has hit a strong resistance level just around 24.5 cents. The pair has however hit 2-week highs, tracking the […]
Silver price has been relatively boring in the past few months. Since September, the white metal has made no dramatic moves and has not participated in the strong rally on equities. Instead, it has ranged between $21.7 and $26. However, analysts who spoke to Barron’s believe that the metal will...