Silver Price Forecast: Silver Rebounds As U.S. Yields Fall, Bulls Eye Yearly Highs
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Silver (XAG/USD) rallies sharply during the North American session, edged up more than 2.50% after bouncing off daily lows of $49.73 and trades at $51.37 at the time of writing. Expectations that the Federal Reserve might ease policy in December push US Treasury yields lower, a tailwind for the non-yielding metal.
XAG/USD Price Forecast: Technical outlook
Silver’s uptrend in the short-term resumed, but traders need to clear key resistance at $52.46, November 13 high. A breach of the latter will expose the yearly high of 54.46 reached in mid-October, ahead of the $55.00 milestone.
Momentum as measured by the Relative Strength Index (RSI) is bullish, hence the path of least resistance is upwards.
Conversely, if XAG/USD tumbles below $51.00, look for a drop towards $50.00. Once cleared, the 20-day SMA is up next at $49.67, followed by the 50-day SMA at $48.45
XAG/USD Price Chart – Daily
(Click on image to enlarge)
XAG/USD daily chart
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