Silver Price Forecast: XAG/USD Floats Near $70 Capped By 100-Day SMA

Silver price consolidates around the $70.00 mark for the third straight trading day, range-bound between $67.50 and $71.50, as buyers and sellers remain unable to push prices outside the range.

XAG/USD Price Forecast: Technical Outlook

The bias in the short term is slightly bearish, with XAG/USD capped on the upside by the 100-day SMA at $74.11 and on the downside by the March 23 swing low at $61.02.

Silver, since peaking at $96.39 on March 2, has printed a successive series of lower highs and lower lows, but the downtrend stalled as sellers failed to clear the $61.00 mark. Once XAG/USD bounced back towards the $70.00 milestone, it consolidated, suggesting neither buyers nor sellers are in control.

The Relative Strength Index (RSI) is bearish, and as long as it remains below its 50-neutral level, sellers could remain hopeful of driving prices lower.

If XAG/USD tumbles below $60.00, the next area of interest would be the 200-day SMA at $57.85.Once cleared, the next stop would be the $55.00 ahead of the $50.00 milestone.

Conversely, if Silver surpasses $71.50, the next key resistance would be the 100-day SMA at $74.11. A breach of the latter will expose the 20-day SMA at $77.05, ahead of the $80.00 milestone.