1 gram of silver = 0.73393 USD.
One ounce of silver = $22.828 (one troy ounce = 3 1. 10g).
1. 1. Today, the price of silver rose by nearly 3.25%, and all other commodities including gold (+1.3%) rose. Commodities, inflation and inflation expectations continue to rise, and precious metals seem to be the last to join the ranks of this rise.
However, as discussed in our weekly outlook report, Federal Reserve Chairman Powell will give semi-annual testimony on monetary policy before the Senate Banking Committee. Despite rising commodity, yield and inflation expectations, Powell's words in the past few weeks have remained very mild. But until today, silver and gold have been indifferent.
3. Spot silver (XAG/ USD) has been in symmetrical triangle since the beginning of August 2020. However, on February 1 day, with the rumor from a popular retail forum that precious metals would be the next short target, traders tried to push the price above the triangle first.
4. The price of silver rose from 26.99 to 30.08, but fell by more than 100% the next day. The price of silver fell back to the triangle. The price remained near the Fibonacci retracement level of 26.40, and dropped by 6 1 .8% from the low point of 1.08 in October to the high point of1in February. Today, the price of silver rose to the top of the downward sloping trend line of the triangle again! As the price breaks through the triangle today, the upward trend stops at the horizontal resistance area of 28-28.50, which is 50% of the February high 1 and 6 1.8% Fibonacci retracement from the February 4 low respectively.
5.RSI is also in the overbought area, and there is a possibility of callback. 28.00 as the first support level. Or enter the market when the bulls wait for further correction to the overnight high of 27.69. The lower trend line supports around 26.50 (also close to the February low 18). The first resistance was 28.50, followed by a high of 30.08 on February 7. If the price of silver reaches 30.08, it is127.2 &; The trend of Fibonacci expansion fell to 3 1.25.
Second, silver is a simple metal with the symbol Ag, which has ductility, good thermal conductivity and electrical conductivity. Silver, namely silver, is called silver because of its white color, as opposed to gold. It is used as money and decoration. In ancient times, money was called silver. Pure silver is white in color, with metallic impurities, soft in texture and hardened by impurities, and gray and red in color. Pure silver has a specific gravity of 10.5, a melting point of 960.5℃, good conductivity, and is soluble in nitric acid and sulfuric acid. Silver is one of the metals found in ancient times. Although silver exists in the form of simple substance in nature, most of it exists in the form of compounds. Silver is very malleable, and can be rolled into a transparent foil with a thickness of only 0.3 microns. Silver particles of 1 g can be drawn into filaments about two kilometers long. The thermal conductivity and electrical conductivity of silver are among the best among metals.