SILVER PRICE FORECAST: XAG/USD CONSOLIDATES BELOW $30.00
- Silver holds above 50 and 100-DMAs, showing buyer strength, but momentum is diminishing.
- For uptrend continuation, a break above the August 26 peak of $30.18 is needed, aiming for $30.50 and July 17 high of $31.42.
- If gains below $30.00 aren't sustained, expect a pullback to supports at $29.22-$29.13 and key $29.00 level.
Silver's price consolidated for the second straight day, within the $29.70-$30.10 area on Tuesday, yet printed gains of 0.24%. At the time of writing, XAG/USD trades at $29.96.
XAG/USD Price Forecast: Technical outlook
The XAG/USD trades above the confluence of the 50- and 100-day moving averages (DMAs), an indication of buyer strength. Still, Silver’s uptrend seems stretched, with bills failing to achieve a daily close above $30.00.
Momentum supports buyers yet shows that they’re losing steam, as the Relative Strength Index (RSI) shows.
Silver’s uptrend will continue once buyers reclaim the August 26 peak at $30.18. Once surpassed, the next resistance would be the $30.50 figure, followed by the July 17 swing high at $31.42.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.