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Silver prices advance late in the North American session on Monday, up 0.71%, as trade tensions between the US, Canada, China, and the Eurozone (EU) rise. The XAG/USD trades at $31.49 at the time of writing.
XAG/USD Price Forecast: Technical outlook
The XAG/USD has consolidated within the $30.60-$31.60 area during the last two days but lacks a clear bias in the medium-to-long term, indicating that neither buyers nor sellers are in charge.Nevertheless, according to the Relative Strength Index (RSI), momentum indicates that bulls have the upper hand. However, they need to clear key ceiling levels before the grey metal turns bullish from a market structure point of view.If buyers clear the $32.00 figure, this will shift the bias to upwards, paving the way for testing the December 12 high at $32.32, followed by the October 25 swing low of $33.09. On further strength, the next resistance will be the $34.00 mark.However, if bears push prices below $31.00 daily, the next support would be the 50-day Simple Moving Average (SMA) at $30.32, followed by the 200-day SMA at $30.16.
XAG/USD Price Chart – Daily
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