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Silver prices soar late in the New York session, trading with gains of over 3% at around $31.16 after bouncing off daily lows of $30.24. A weak US Dollar and falling US Treasury yields augmented appetite for precious metals, which halted their slide after the US Presidential Election.
XAG/USD Price Forecast: Technical outlook
Silver’s uptrend remains intact despite trading below the 50-day Simple Moving Average (SMA) at $31.54.Although it has printed a lower low beneath the October 8 swing low of $30.13, sellers need the grey’s metal price to stay below the 50-day SMA. If that’s not achieved, the next resistance would be $32.00, followed by the October 4 peak at $32.95. On further strength, $33.00 would be up next.On the other hand, XAG/USD is slumping below $30.13, and sellers are in charge. The next support would be $30.00, followed by the Intermediate support seen at $27.69, the September 6 low.Oscillators such as the Relative Strength Index (RSI) remain bearishly biased, though in the short term, some upside is seen.
XAG/USD Price Chart – Daily
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