- Silver is rangebound, amid bullish momentum, but the flattened RSI signals indecision.
- Breaking above $31.09 could lead Silver to test $31.75 and the yearly high at $32.51.
- On the downside, $30.52 is the first support, followed by $29.86, with additional levels at the 100-day SMA ($29.36) and the 50-day SMA ($28.98).
Silver price is consolidating for the second day in a row, printing back-to-back dojis, a sign that neither buyers nor sellers are in control of the grey metal’s price action. At the time of writing, XAG/USD is trading at $30.69, virtually unchanged, as the Asian session on Wednesday begins.
XAG/USD Price Forecast: Technical Outlook
Silver has been subdued over the past few days as traders prepare for the Fed’s decision.
Momentum remains bullish, as shown by the Relative Strength Index (RSI), but its slope has flattened, creating indecision among investors.
If the XAG/USD pair breaks above the current week high of $31.09, this could support Silver to challenge the July 11 high at $31.75 before the yearly high of $32.51. On the other hand, if Silver drops below the September 17 daily low of $30.52, it would expose the September 13 low of $29.86, followed by the 100-day moving average (DMA) at $29.36, followed by the 50-day SMA at $28.98.
XAG/USD Price Action – 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.
