Silver (XAG/USD) price surges over 1.40% on Wednesday as the latest inflation report in the United States (US) showed that prices are cooling, on its way towards the Federal Reserve’s (Fed) goal of 2%. At the time of writing, the XAG/USD pair trades at $65.53 after reaching a daily high of $66.80.
XAG/USD Price Forecast: Technical outlook
From a technical perspective, the white metal is neutral to upward biased, with bulls gathering strength. They cleared the 50-day Simple Moving Average (SMA) at around $61.60 and also the July 6 high at $63.28 on its way towards reclaiming the $65.00 figure.
Momentum still favors further upside. The Relative Strength Index (RSI) is bullish and aiming upwards. Hence, the path of least resistance is up.
The first resistance would be the August 10 high at $66.59. Once surpassed, the next stop is the 100-day SMA at $68.87, followed by the 200-day SMA at $71.47. Above lies $75.00.
For a bearish resumption, XAG/USD must drop below the 50-day SMA. This can prompt investors to challenge the July 6 high-turned support of $63.28. Beneath, the next area of interest is the $60.00 milestone.
XAG/USD Price Chart – Daily
Silver daily chart
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