Silver Price (XAGUSD) Rose to Near $32.60 per Troy Ounce, Gaining Ground for the Third Trading Session

During the Asian trading session on Thursday, the silver price (XAGUSD) rose to near $32.60 per troy ounce, gaining ground for the third trading session.

The silver price (XAGUSD) advanced during the Asian trading session on Thursday, approaching the $32.60 mark per troy ounce, extending its gains for the third consecutive trading session.

Recently, precious metals have been drawing investor interest amid escalating geopolitical tensions and growing concerns regarding the fiscal policy of the United States.

Highlighting the technical outlook for the silver price, it is currently trading beneath the pressure of a strong resistance level at $33.76, coinciding with the 100% level of Fibonacci. As the price moves closer to a substantial support level at $32.97, it could be met by sellers. However, if this level is breached, the technical picture might shift, paving the way for a continued ascent towards $33.76.

On the bearish side, any breakthrough of the support level at $33.97 could propel the price downwards to reach lower levels, such as $32.76 and subsequently $32.50.

The GOLD-SILVER-Ratio is approaching its psychological level of nearly 106, which has never been exceeded. Currently, the ratio stands at 99:56, signifying that it takes 99 ounces of silver to purchase one ounce of gold. Commencing in early July 2024, the ratio was 87:1, and throughout history, this ratio has typically varied between 40:1 and 60:1. This suggests that currently, silver is relatively more expensive compared to gold, which could indicate potential for the silver prices to rise further and continue their rally.