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Silver price retreats late in the North American session on Wednesday even though the US Dollar weakens after data reaffirmed investors intentions that the Federal Reserve would cut rates next week. At the time of writing, XAG/USD trades at $58.49 down 0.14%.

XAG/USD Price Forecast: Technical outlook

Silver price uptrend remains intact, even though the grey metal dipped towards a daily low of $57.54, before reclaiming the $58.00 figure. Bullish momentum remains in place, but a “mild divergence” between price action and the Relative Strength Index (RSI) could pave the way for a pullback.

In that outcome, sellers would eye as first key support at a previous resistance trendline turned support at around $53.80-$54.00, before testing the 50-day Simple Moving Average (SMA) at $50.25.

Conversely, if buyers clear $59.00, up next lies the $60.00 figure to refresh all-time highs.

Silver Price Chart – Daily

(Click on image to enlarge)

Silver daily chart

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