Silver consolidates within $30.50-$31.00 range, trades at $30.80, up 0.11%.
RSI indicates bullish momentum, but flat slope suggests buyers are cautious.
Key resistance at $31.00, July 5 high of $31.49; support at $30.50 and $30.18, with critical level around $29.78/74.
The grey metal registered minimal gains on Wednesday as Silver has been consolidating within the $30.50-$31.00 range since Tuesday. Even though US Treasury yields edged lower along with the US Dollar, XAG/USD was unable to capitalize on it and traded at $30.80, up 0.11%.
XAG/USD Price Analysis: Technical outlook
The XAG/USD trades subdued as shown by the daily chart, fully confirmed by momentum as depicted by the Relative Strength Index (RSI). Even though RSI is bullish, the slope turned flat, an indication that buyers remain at bay. That said, Silver’s spot price remains above the ‘double bottom’ chart pattern neckline, hinting that an uptrend continuation is on the cards.
If XAG/USD clears the $31.00 psychological level, the first resistance would be the July 5 high at $31.49, followed by the May 29 high at $32.29. Once surpassed, the year-to-date (YTD) high at $32.51 would be up for grabs.
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