Silver Price Forecast: XAG/USD rises steadily, bulls limited by 100-day SMA

  • 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

You may also like

Strategy resumes regular bitcoin purchases
Finance
Sarah

Strategy resumes regular bitcoin purchases

The largest bitcoin holder, Strategy, which previously announced the temporary end of the first cryptocurrency purchases, acquired another 7,633 BTC