SILVER PRICE FORECAST: XAG/USD RALLIES OVER 3%, RECLAIMS $31.00
- Technical outlook shows silver below the 50-day SMA at $31.54, with potential resistance at $32.00 and $32.95.
- Current market dynamics could push silver towards $33.00 if upward momentum continues.
- Bearish control remains if price drops below $30.13, key supports at $30.00 and September 6 low of $27.69.
Silver prices soar late in the New York session, trading with gains of over 3% at around $31.16 after bouncing off daily lows of $30.24. A weak US Dollar and falling US Treasury yields augmented appetite for precious metals, which halted their slide after the US Presidential Election.
XAG/USD Price Forecast: Technical outlook
Silver’s uptrend remains intact despite trading below the 50-day Simple Moving Average (SMA) at $31.54. Although it has printed a lower low beneath the October 8 swing low of $30.13, sellers need the grey’s metal price to stay below the 50-day SMA. If that’s not achieved, the next resistance would be $32.00, followed by the October 4 peak at $32.95. On further strength, $33.00 would be up next.
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