Silver Price Forecast: XAG Reclaims $60 As RSI Recovery Targets $65 Breakout

Silver (XAG/USD) prices reclaim the $60.00 mark for the second straight day on Friday, extending their weekly gains to over 5.50% and trading at $62.42 amid broader US Dollar weakness, pushing the white metal to an eight-day high of $62.89.

XAG/USD Price Forecast: Terminal outlook

Silver’s rebound will face stiff resistance once it approaches the 200-day Simple Moving Average (SMA), which looms below the $70.00 figure at $69.97.

Momentum is still bearish even though buyers are gaining momentum. The Relative Strength Index (RSI) exited oversold territory, bouncing towards the 43 marks, poised to turn bullish.

If XAG/USD clears the $65.00 mark, this clears the way towards the 200-day SMA. If taken out, the next resistance would be the 50-day SMA at $71.32, followed by the 100-day SMA at $74.96.

Conversely, for the downtrend to continue, Silver must clear the day's low at $60.92. Once hurdled, the next support would be the $60.00 milestone, followed by the June 30 swing low of $56.61.