- Silver bounces from $30.36, crosses the 50-day SMA but struggles with higher resistance levels.
- The RSI indicates increasing buying interest; However, significant resistance at $32.32 still challenges momentum.
- For the downtrend to resume, silver must fall below the 200-day SMA and $30.00, with the next supports at $29.51 and $28.89.
Silver price regains some ground and is trading with gains of 0.91% but has failed to overcome key resistance at the 100-day SMA at $30.95. At the time of writing, XAG/USD is trading at $30.70 after bouncing from a low of $30.36.
XAG/USD Price Analysis: Technical Perspective
Silver recovered after testing the 200-day SMA near $30.05 and rose above the 50-day SMA but faces strong resistance at $30.95. The trend is tilted to the downside as the gray metal has formed a series of successively lower highs and lows. Although the Relative Strength Index (RSI) suggests that buyers are gaining momentum, the gray metal must surpass $32.32, the last cycle high reached on December 12.
On the other hand, sellers must surpass the 200-day SMA and the $30.00 mark for a bearish continuation. Once broken, the next support would be the January 13 low of $29.51, followed by the January 1 low of $28.89.
XAG/USD Price Chart – Daily
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.
