Silver price extended its gains on Thursday, up more than 1.70%, even as US yields recovered some ground and then resumed their rise following the US Treasury bond buyback announcement. The XAG/USD trades at $68.18 at the time of writing.
XAG/USD Price Forecast: Technical Outlook
The uptrend remains intact in the short-term, with the white metal approaching the 100-day Simple Moving Average (SMA) at $68.51. Momentum remains bullish, as indicated by the Relative Strength Index (RSI), which is above its 50-neutral level and approaching overbought territory.
To cement the bullish bias, XAG/USD must reclaim the 100-day SMA. Once done, the next resistance is the $70.00 milestone, ahead of the 200-day SMA, which is seen as the next ceiling level at $71.97. If buyers clear that level, the psychologically significant $75.00 level becomes the next area of interest.
On the flip side, the XAG/USD first support is the low of the day (LOD) at $65.64. Below, the next support is the August 19 swing low of $62.19, followed by the 50-day SMA at $61.35.
XAG/USD Price Chart – Daily
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