Silver Price Forecast: Slips Below $34 As USD Strength Pressures Metals
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- Silver stalls at $33.54, unable to reach $34.00 again amid strong US Dollar.
- Mixed technical signals; 'hammer' formation suggests upside, RSI hints at buyer resurgence.
- Watch for break above $34.00 to aim for $34.51 and $35.00; fall below $33.00 could see $32.50 and $31.92 (50-day SMA).
Silver price consolidated below the $34.00 figure for the second consecutive day and printed a bearish day, losing over 0.68% on Thursday, characterized by overall US Dollar strength. At the time of writing, as the Asian session begins, the XAG/USD trades at $33.54, virtually unchanged.
XAG/USD Price Forecast: Technical outlook
Even though Silver hit a fresh five-day low of $33.10, it bounced off the latter and hovers in the mid $33-$34 range a troy ounce after forming a ‘hammer.’ Despite retracing somewhat during the last few days, the Relative Strength Index (RSI) shows buyers are moving in, which could push the grey’s metal price higher.
If XAG/USD clears $34.00, the following key resistance would be October 30, 2024, peaking at $34.51, followed by the $35.00 mark. On the other hand, if XAG/USD tumbles beneath $33.00, the next support would be the $32.50 psychological figure, followed by the 50-day Simple Moving Average (SMA) at $31.92.
XAG/USD Price Chart – Daily
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