SILVER PRICE ANALYSIS: XAG/USD CLIMBS AS GEOPOLITICAL TENSIONS ARISE, FIRM AT $28.00
- Silver price rallies above $28.00, bouncing from daily low of $27.63 amid Israel-Hezbollah conflict.
- Technical outlook shows bearish RSI; support levels at $28.00 and July 29 low of $27.31.
- Resistance at 100-DMA ($28.54) and 50-DMA ($29.93) could be tested if gains continue.
Silver's price rallied sharply by more than 1.80% on Tuesday amid rising tensions in the Middle East after Israel retaliated against Hezbollah’s strike over the weekend. Although US data revealed solid results, the non-yielding metal advanced, as the XAG/USD traded at $28.17 after hitting a daily low of $27.63.
XAG/USD Price Analysis: Technical outlook
Silver seems to have consolidated at around $28.50 after diving into a two-month low of $27.31. The grey metal fall below the $29.00 figure and clearing support levels like the 50 and 100-day moving averages (DMAs) changed its bias from neutral upwards to downwards. This is confirmed by the Relative Strength Index (RSI) hovering at bearish territory, which could pave the way for further losses.
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