Silver posts a 1.33% gain on Friday, yet records a weekly loss of 2.30%.
Technical outlook neutral with a potential bullish pivot if Silver clears $31.00 resistance.
Downward risk persists if Silver falls below $30.35, targeting next support at $30.00.
Silver price advanced on Friday and finished the session with gains of over 1.33%, yet printed losses of 2.30% in the week. A weak US Dollar sponsored a leg up in the grey metal, which has cleared the 100-day Simple Moving Average (SMA) of $30.35. At the time of writing, the XAG/USD trades at $30.60.
XAG/USD Price Forecast: Technical outlook
The grey metal is neutral to downward biased, consolidated, and fluctuated around the 100-day SMA. Neither buyers nor sellers have been able to move Silver’s price outside of the $29.64-$31.52 range.
Oscillators such as the Relative Strength Index (RSI) remain bearish, though there have been signs that buyers are gathering steam.
Hence, for a bullish continuation, buyers must clear the $31.00. Once cleared, the next stop would be the top of the range at $31.52 before buyers could target the 50-day SMA at $31.74, ahead of the $32.00 figure.
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