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Silver prices advanced by 0.81% late in the North American session on Tuesday, as market participants seeking security bought precious metals like XAU and XAG, which are posting solid gains. XAG/USD trades at $30.42 a troy ounce at the time of writing.
XAG/USD Price Forecast: Technical outlook
The daily chart suggests Silver is consolidated and found support at the 200-day Simple Moving Average (SMA) at $30.08. Although XAG/USD has carved successive series of lower highs and lower lows, hinting at a short-term downtrend, bears must clear the December 19 swing low of $28.74 to shift the bias downwards.For a bullish continuation, XAG buyers must clear dynamic resistance at $30.28, where the 50-day SMA resides, followed by a challenge of the 100-day SMA at $30.99. Once those levels are taken out, bulls could challenge December’s 2024 peak at $32.32.
XAG/USD Price Chart – Daily
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