Silver Price Analysis: XAG/USD Surges And Clears 100-Day SMA And $75

Silver prices rebounded, surging sharply more than 7% as Oil prices took a hit, which pushed the Greenback lower due to its close positive correlation. Also, falling US Treasury yields are driving the white metal higher, up to $75.00 by March's end.

XAG/USD Price Analysis: Technical Outlook

On Monday, I wrote that "The bias in the short term is slightly bearish, with XAG/USD capped on the upside by the 100-day SMA at $74.11." At the time of writing, Silver prices cleared the latter and were on their way north, clearing the $75.00 figure.

Worth noting that the Relative Strength Index (RSI) remains bearish. Still, buyers are driving the RSI toward its neutral level, while XAG/USD has surpassed the latest higher high.

For a bullish continuation, XAG/USD must clear the 20-day SMA at 77.32, followed by the $80.00 figure. A clear break opens the door to challenge the 50-day SMA at $84.03.

Conversely, if Silver slips below the 100-day SMA, the next support would be at $74.00, ahead of the $70.00 milestone. Once cleared, the white metal could dive towards the March 26 daily low of $66.73.