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Silver Price Analysis: XAG/USD tumbles below $32.00 as ‘double top’ looms
Silver prices posted modest losses of 0.32% on Wednesday as US Treasury bond yields edged up, downward pressure on precious metals. Therefore, the XAG/USD retreated after hitting a six-day high of $32.29, and as the Asian session began, it traded at $31.97, almost flat. XAG/USD Price Analysis: Technical outlook: Silver is upward based, but a ‘double top’ chart pattern seems to be forming on the daily chart. Momentum supports buyers, yet they’re losing steam as the Relative Strength Index (RSI) is flat near overbought conditions. For confirmation of a ‘double top,’ the grey metal needs to drop below $30.00 a ... (full story)