- Silver struggles at $31.00, falls over 1% to test 100-day SMA amid rising US bond yields.
- The technical outlook sees possible consolidation between the 100-day and 200-day SMA, with key support at $29.49.
- Resistance levels ahead at $31.00 and $31.64, with a possible move higher towards $32.00 if it recovers.
Silver prices fell on Friday after buyers failed to keep prices above $31.00. Even though there are expectations that the US Federal Reserve will cut interest rates next week, US yields are rising, a headwind for the precious metals segment. XAG/USD is trading at $30.53, down more than 1%, testing the 100-day SMA.
Silver Price Analysis: Technical Perspective
Next week’s events would provide a catalyst and define silver’s path towards the end of the year. Despite this, the gray metal is set to finish with gains of over 30%, but in the short term, it could consolidate within the 100-day SMA and the 200-day SMA at $29.49.
If buyers push prices above $31.00, the next resistance level would be the 50-day SMA at $31.64. A break of the latter will expose $32.00 before targeting higher prices at $33.00.
On the contrary, if sellers break the 100-day SMA, the next support would be the $30.00 figure. Once broken, the next support would be the November 28 daily low of $29.64 before testing the 200-day SMA.
XAG/USD daily chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
