Silver price reverses course on Monday, down 0.59% as buyers failed to push the white metal past the $70.00, which exacerbated a reversal, to the first support level seen at the 100-day Simple Moving Average (SMA) at $68.42. At the time of writing, XAG/USD trades at $68.52, afer peaking at $69.92.
XAG/USD Price Forecast: Technical Outlook
Silver’s uptrend remains intact, despite retreating to the 100-day SMA. The Relative Strength Index (RSI) is bullish, though buyers lost some momentum in the short term.
XAG’s market structure of higher highs and higher lows suggests further upside, but bulls must reclaim the $70.00 milestone before setting their sights on the 200-day SMA at $72.13. In that outcome, the next resistance is the May 25 cycle high at $78.83.
On the downside, XAG/USD's initial support is at the 100-day SMA at $68.42. If it breaks, the next level is the August 20 low of $65.64, then the August 19 swing low of $62.19, followed by the 50-day SMA at $61.34.
XAG/USD Price Chart – Daily
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