Silver Price Forecast: XAG/USD Is Subdued Around $30.60

By Christian Borjon Valencia of FX Street

Tuesday, September 17, 2024 7:50 PM EDT

Silver, Bars, 5000 Grams, Real Value

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Silver is range-bound, amid bullish momentum, but flattening RSI signals indecision.
A break above $31.09 could see Silver testing $31.75 and the YTD high at $32.51.
On the downside, $30.52 is first support, followed by $29.86, with additional levels at the 100-DMA ($29.36) and 50-DMA ($28.98).

Silver price consolidates for the second straight day, prints back-to-back doji’s a sign that neither buyers nor sellers control the grey’s metal price action. At the time of writing, XAG/USD trades at $30.69, virtually unchanged, as the Wednesday Asian session commences.

XAG/USD Price Forecast: Technical outlook

Silver has been subdued during the last few days as traders brace for the Fed’s decision.

Momentum remains bullish, as portrayed by the Relative Strength Index (RSI), but its slope turned flat, hitting indecision amongst investors.

If XAG/USD clears the current week’s high of $31.09, this could underpin Siver’s to challenge the July 11 high at $31.75 ahead of the year-to-date (YTD) high of $32.51. On the other hand, if Silver drops below the September 17 daily low of $30.52, it would expose the September 13 low of $29.86, followed by the 100-day moving average (DMA) at $29.36, followed by the 50-DMA at $28.98.

XAG/USD Price Action – Daily Chart

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