- Silver rises 0.80% to $30.35, overcoming concerns about US inflation and Fed scrutiny.
- Technical hurdle at 50-day SMA of $30.42; a breakout could push silver to $30.80.
- Downside risks if silver falls below $30.00, key support at 200-day SMA, lows near $28.78.
Silver price rises for the seventh day in a row, brushing aside rising US Treasury yields and the Dollar, after a strong US jobs report calms officials of the Federal Reserve on the employment situation in the US. However, the evolution of inflation seems to be stagnant, attracting the attention of Fed officials. The XAG/USD is trading at $30.35, rising more than 0.80%.
Silver Price Analysis: Technical Perspective
Silver continues an uptrend, steadily advancing above the $30.00 figure over the last three trading days, driven by buyers emerging at the crucial support found at the 200-day SMA in $29.93. However, they are struggling with strong resistance at the 50-day SMA at $30.42, which has kept prices from reaching the 100-day SMA at $30.80.
If the bulls break those levels, the path will be cleared to challenge $31.00 and expose the next cycle high seen at $32.32, the December 12 peak.
Conversely, if XAG/USD falls below $30.00, the 200-day SMA emerges as the bulls’ first line of defense. A break of that level could take the price of silver towards the January 6 low of $29.41, before the December 31 low of $28.78.
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.
