XAG/USD rallies to $51.50 on risk-off markets
The post XAG/USD rallies to $51. 50 on risk-off markets appeared com. Silver (XAG/USD) appreciates for the second consecutive day on Wednesday, reaching intraweek highs above $51. 50, as the risk-averse sentiment underpins support for safe assets like precious metals amid the global equity markets’ sell-off. Investors’ concerns about an AI bubble have been weighing on equity indexes around the world and pushing traders towards safe assets over the last sessions. Furthermore, US labour figures disappointed on Tuesday, feeding hopes of a Fed rate cut in December, which has given an additional impulse to the white metal. Technical analysis: Silver bulls are focusing on $52. 00 XAG/USD 4-Hour Chart Silver is gathering momentum following a 2. 5% rally over the last two days. Price action has breached the resistance area around $51. 25 (November 17 and 18 high), and the 4-hour Relative Strength Index (RSI) is consolidating above the 50 level, which suggests that bulls are taking control. If the pair manages to remain above the mentioned $51. 25 level, bulls are likely to test the November 13 low, at the $52. 10 area, on their way to the November 14 high at $53. 65 and the long-term highs between $54. 60 and $54. 80. Intraday support is at the 50. 70 area, which closes the path towards the trendline support from late October lows, now at the $49. 60 area, and Tuesday’s low, near 49. 35. Silver FAQs Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets. Silver prices can move due to a.