↵
Image Source: Pixabay
Silver’s price stages a comeback, rising above the 50-day Simple Moving Average (SMA) at $30.32 and eyeing a break of the 100-day SMA. At the time of writing, the XAG/USD trades at $30.64, having gained over 2.64% on Wednesday.
XAG/USD Price Forecast: Technical outlook
On its way toward its current price, XAG/USD cleared the 200-day SMA at $29.98, which exacerbated the upward move. Yet buyers need to clear the 100-day SMA at $30.82 so Silver can extend its gains.Momentum favors further upside, yet consolidation lies ahead as the Relative Strength Index (RSI) is flat, but above the latest peak.If buyers clear the 100-day SMA, $31.00 emerges as the next key resistance level. A break above this level opens the door to testing the latest cycle high at $32.32, the December 12 daily high.On the other hand, if sellers step in and push XAG/USD below the 50-day SMA, it could pave the way towards $29.98, the 200-day SMA. On further weakness, the next stop would be December’s 19 swing low of $28.74.
XAG/USD Price Chart – Daily
More By This Author:Gold Prices Gain Ground After US PPI Inflation Sparks Fresh Rate Cut Hopes Gold On The Defensive, Weighed By Strong US Dollar USD/CHF Price Forecast: Extends Uptrend As Bulls’ Eye 0.9200
