Silver Price Forecast: XAG bullish with eyes on 200-day SMA
Silver price surges over 1.40% on Wednesday as the latest inflation report in the United States (US) shows that prices are cooling, on its way towards the Federal Reserve’s goal of 2%. The XAG/USD trades at $65.53.
XAG/USD Price Forecast: Technical outlook
From a technical perspective, the white metal is neutral to upward biased, with bulls gathering strength. They cleared the 50-day Simple Moving Average (SMA) at around $61.60 and also the July 6 high at $63.28 on its way towards reclaiming the $65.00 figure.
Momentum stills favor further upside. The Relative Strength Index (RSI) is bullish and aiming upwards. Hence the path of least resistance is up.
The first resistance would be the August 10 high at $66.59. Once surpassed the next stop is the 100-day SMA at $68.87, followed by the 200-day SMA at $71.47. Above lies the $75.00.
For a bearish resumption, the XAG/USD must drop below the 50-day SMA. This can prompt investors to challenge the July 6 high turned support of $63.28. Beneath, the next are of interest is the $60.00 milestone.
XAG/USD Price Chart – Daily
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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