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Silver Price advances during the North American session, up by 0.39% as the Greenback weakens more than 0.50%, as revealed by the US Dollar Index (DXY). At the time of writing, the XAG/USD trades at $37.88 after hitting a low of $37.31.

Sentiment improved due to earnings and Trump’s threat to impose 100% duties on chips. However, an exemption was made for companies producing items in the US, as Apple CEO and Trump announced a fresh $100 billion investment in the country.

XAG/USD Price Forecast: Technical outlook

From a technical perspective, the Silver price is neutral-biased, from a price action point of view, capped on the upside by the 20-day SMA at $38.04. However, sentiment turned slightly bullish, as seen by the Relative Strength Index (RSI), which cracked the index neutral line three days ago.

If XAG/USD ends daily above the 20-day SMA, look for a rally toward $39.00. Further resistance lies above, with the July 25 high of $39.19, followed by the YTD peak at $39.52.

Conversely, if XAG/USD finishes the session below $38.00, this could prompt sellers to drive the grey metal below he August 5 daily low of $37.31, sponsoring a slide towards $37.00. On further strength, the grey metal could reach the 50-day SMA at $36.73.

XAG/USD Price Chart – Daily

(Click on image to enlarge)

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