SILVER PRICE ANALYSIS: XAG/USD RECOVERS SLIGHTLY YET REMAINS BELOW $30.50
- Silver prices edge up 0.30%, trading at $30.35 after a sharp 3% decline.
- Technical outlook remains bullish, supported by the 50-DMA at $30.16 and RSI above the 50-neutral line.
- Key resistance at $30.50 and $31.00; support levels at 50-DMA and $29.48, with a critical psychological barrier at $29.00.
Silver's price edged up early in the North American session but remained below the psychological figure of $30.50 after posting losses of more than 3% on Wednesday. Rising US Treasury yields and a stronger US Dollar weighed on the precious metal, which trades at $30.35 and registers gains of 0.30%.
XAG/USD Price Analysis: Technical outlook
The grey metal remains bullish-biased, capped on the downside by the 50-day moving average (DMA) at $30.16. The Relative Strength Index (RSI) clings above the 50-neutral line, depicting that momentum favors buyers; hence, further upside is seen.
For a bullish continuation, the XAG/USD must climb above $30.50 so buyers can test the $31.00 mark. On further strength, Silver’s next resistance would be the July 17 peak at $31.42, before testing July 12 high at $31.75
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