- Silver price rises, surpassing the 200-day SMA at $29.98, increasing buying momentum.
- Main resistance at $31.00; a breakout could target the December 12 high of $32.32.
- A pullback below the 50-day SMA could trigger a retest of the 200-day SMA, dropping to $28.74.
Silver price recovers, rising above the 50-day SMA at $30.32 and targeting a break of the 100-day SMA. At the time of writing, XAG/USD is trading at $30.64, having gained over 2.64% on Wednesday.
XAG/USD Technical Outlook: Price Forecast
On its way to its current price, XAG/USD surpassed the 200-day SMA at $29.98, exacerbating the bullish move. However, buyers need to break through the 100-day SMA at $30.82 for silver to extend its gains.
Momentum favors more to the upside, although consolidation is coming as the Relative Strength Index (RSI) is flat, but above the last peak.
If buyers break the 100-day SMA, $31.00 emerges as the next key resistance level. A break above this level opens the door to testing the latest cycle high at $32.32, the daily high from December 12.
On the other hand, if the sellers step in and push XAG/USD below the 50-day SMA, it could pave the way towards $29.98, the 200-day SMA. In case of further weakness, the next stop would be the December 19 low of $28.74.
XAG/USD Daily Chart – Price
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.
