Silver (XAG/USD) retreats on Wednesday after hitting a daily high of $58.18, falling below the $58.00 mark as the US Dollar strengthens amid rising US Treasury yields. At the time of writing, XAG/USD trades at $57.87 a troy ounce, down 0.20%.
XAG/USD Price Forecast: Technical outlook
The trend is downward, with Silver prices falling below $60.00. This week, after trending up for two of the last three days, XAG/USD failed to reach a higher high, hinting that buyers are losing steam and sellers are stepping in.
From a momentum standpoint, the Relative Strength Index (RSI) is bearish, though it has turned flat. This means that neither buyers nor sellers are in charge.
For a bearish continuation, XAG/USD must clear the October 20 low of $56.38. Beneath the next stop is the $55.00 psychological level, followed by the $50.00 milestone.
For a bullish reversal, buyers must push Silver above $60.00. A breach of that level will expose the March 23 low-turned resistance at $61.01, followed by the 100-day Simple Moving Average (SMA) at $62.56 and the 50-day SMA at $63.51.
XAG/USD Price Chart – Daily
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