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Silver price registers losses of over 5% on Monday as the precious metals liquidation continued for the second straight day. Upbeat economic data in the US improved risk appetite to the detriment of the grey metal. At the time of writing, XAG/USD trades at $80.40 below its opening price.

XAG/USD Price Forecast: Technical outlook

Silver prices seem poised to consolidate within the $80-$85 range after the precious metal cleared the latest higher high of $85.87, December’s 29 peak. A breach of the latter will open the door to challenge the $90.00 mark in the near term.

Momentum as measured by the Relative Strength Index (RSI) turned bearish, yet sellers must clear the $80.00 mark, so they can remain hopeful of pushing prices toward the 50-day Simple Moving Average (SMA) at $75.62.

On the other hand, if buyers regain $90.00, the next resistance would be the $95.00 figure. Upwards attention turns to the $100.00 mark, which was initially broken on January 23.

XAG/USD Price Chart – Daily

(Click on image to enlarge)

Silver Daily Chart

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