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Silver price resumed its uptrend and surged over 2% on Wednesday, clearing the 100-day moving average (DMA) at $28.58, a key resistance level that capped the grey’s metal advance toward $29.00. The XAG/USD trades at $28.99 after bouncing off daily lows of $28.25.
XAG/USD Price Analysis: Technical outlook
The grey metal uptrend remains in play, though buyers’ lack of strength to achieve a daily close above $29.00 could expose the precious metal to selling pressure.Buyers gathered some steam as shown by the Relative Strength Index (RSI), which, despite being below the neutral line, the steepest advance, hints that it would turn bullish and confirm price action.If XAG/USD reclaims $29.00, the next stop would be the July 24 peak of $29.44, followed by the 50-day moving average (DMA) at $29.89. Further gains are seen once Silver tops $30.00. Conversely, if XAG/USD slumps below the 100-DMA at $28.58, the next support would be the July 29 bottom of $27.31, followed by the $27.00 figure.
XAG/USD Price Action – Daily Chart
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