SILVER PRICE FORECAST: XAG/USD FLAT LINES BELOW MID-$31.00S, BULLISH POTENTIAL SEEMS INTACT
- Silver lacks a firm intraday direction and consolidates below the mid-$31.00s on Wednesday.
- The technical setup remains tilted in favor of bulls and supports prospects for further gains.
- A break below the $30.90-$30.85 area, or the weekly low, to pave the way for deeper losses.
Silver (XAG/USD) struggles to capitalize on the previous day's positive move and oscillates in a narrow trading band, below mid-$31.00s during the Asian session on Wednesday. The white metal, meanwhile, remains close to the weekly low touched on Monday, though the setup favors bullish traders and supports prospects for the resumption of the uptrend from the September swing low.
The XAG/USD is holding comfortably above technically significant 100-day and 200-day Simple Moving Averages (SMA). This, along with the recent breakout through a short-term descending trend-line resistance and positive oscillators on the daily chart, validates the positive outlook and suggests that the path of least resistance for the XAG/USD is to the upside. Hence, some follow-through strength towards the $31.80 horizontal zone, en route to the $32.00 mark, looks like a distinct possibility.
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