Silver trades below 50-day SMA at $31.37; $30.84 support is key for preventing deeper pullback.
Bearish momentum persists with RSI in seller’s territory, favoring near-term downside.
A close above $31.50 needed for bullish recovery, targeting $31.75 and potentially $32.00.
Silver retreated from two-day highs of $32.00 and tumbled below the 50-day Simple Moving Average (SMA) at $31.37 late in the North American session. This was weighed down by a strong US Dollar underpinned by former President Donald Trump’s victory. At the time of writing, the XAG/USD trades at $31.29, down 2.29%.
XAG/USD Price Forecast: Technical outlook
Silver's price uptrend remains in play despite posting solid losses. The fall of US Treasury yields kept the grey metal from falling further, but a decisive break below the November 6 low of $30.84 could exacerbate a deeper pullback. In that outcome, the next support would be the 100-day SMA at $30.27, followed by the September 5 high turned support at $29.17.
For a bullish resumption, the XAG/USD must close above the $31.50 area. This could pave the way to challenge the July 11 high at $31.75. A breach of the latter will expose $32.00, followed by May’s 20 peak at $32.51.
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