Silver Price Forecast: XAG/USD Rallies Past 200 And 50-day SMAs

  

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Silver's price stages a comeback, rising above the 50-day Simple Moving Average (SMA) at $30.32 and eyeing a break of the 100-day SMA. At the time of writing, the XAG/USD trades at $30.64, having gained over 2.64% on Wednesday.


XAG/USD Price Forecast: Technical outlook

On its way toward its current price, XAG/USD cleared the 200-day SMA at $29.98, which exacerbated the upward move. Yet buyers need to clear the 100-day SMA at $30.82 so Silver can extend its gains.

Momentum favors further upside, yet consolidation lies ahead as the Relative Strength Index (RSI) is flat, but above the latest peak.

If buyers clear the 100-day SMA, $31.00 emerges as the next key resistance level. A break above this level opens the door to testing the latest cycle high at $32.32, the December 12 daily high.

On the other hand, if sellers step in and push XAG/USD below the 50-day SMA, it could pave the way towards $29.98, the 200-day SMA. On further weakness, the next stop would be December’s 19 swing low of $28.74.


XAG/USD Price Chart - Daily

(Click on image to enlarge)


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Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...

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