(VIANEWS) – Silver Price (XAG/USD) picks up bids to $24.30 as it defends the previous day’s rebound from the 100-DMA amid the early hours of Monday’s Asian trading session.
FXStreet reported that in addition to the XAG/USD’s U-turn from the 100-DMA, the bullish MACD signals and firmer RSI (14), not overbought, also underpin bullish bias about the bright metal.
However, a horizontal area comprising multiple levels marked since January 2023, close to $24.50, appears a tough nut to crack for the Silver buyers.
Silver (SI) has been up by 7.88% for the last 10 sessions. At 08:51 EST on Monday, 28 August, Silver (SI) is $24.22.
Silver price analysis: xag/usd keeps bounce off 100-dma above $24.00 to favor bulls
Overall, the Silver price remains on the buyer’s radar even if the upside road remains long and bumpy., However, a horizontal area comprising multiple levels marked since January 2023, close to $24.50, appears a tough nut to crack for the Silver buyers.
Volume
Today’s last reported volume for Silver is 10866, 99.99% below its average volume of 12152352817.03.
Volatility
Silver’s last week, last month’s, and last quarter’s current intraday variation average was 1.16%, 0.28%, and 1.17%, respectively.
Silver’s highest amplitude of average volatility was 1.53% (last week), 1.01% (last month), and 1.17% (last quarter), respectively.
Commodity Price Classification
According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, Silver’s commodity is considered to be oversold (<=20).
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