Silver is edging higher today and is currently trading at $16.10, having tested the intraday R1 pivot resistance at $16.20....
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.
Silver latest news
Silver is sharply lower today after the FOMC decision which cut interest rates, but has left traders divided over whether...
Silver is extending higher today even as an ounce of gold is approaching the $1500 level. XAGUSD is presently trading...
Silver prices broke out of its long-term consolidation on the daily chart to the upside in the aftermath of the...
Today, silver prices (XAGUSD), slid as the US trading session started on what appears to be profit-taking following the last...
Today, Silver prices (XAGUSD) experienced a sharp decline as the London trading session commenced. The sharp drop is now threatening...
Silver is currently trading lower on the day as tepid Chinese PMI data continue to weigh on commodities in Monday...
Silver prices (XAGUSD) are currently trading at $17.25 within the previous range that was identified in my last silver article,...
Silver price (XAGUSD) is currently trading around the 17.46 mark as it marks the completion of what can be described...
Silver (XAG/USD) continues to trade within a very tight range, as it continues to hold steady at 16.17. Silver made...