Silver Price Forecast XAG/USD remains capped below $31.00, further consolidation cannot be ruled out
Silver price climbs to around $30.90 in Tuesday’s early European session, up 1.24% on the day.
Silver crosses above the 100-day EMA, but further consolidation cannot be ruled out with the neutral RSI indicator.
The first upside barrier is located at $31.68; the initial support level is seen at $30.50.
The Silver price (XAG/USD) gains traction to near $30.90 during the early European session on Tuesday. The white metal edges higher due to the potential stimulus measures from China and ongoing geopolitical uncertainty.
However, JPMorgan analysts expect a near-term downside for base metals in early 2025 due to potential US tariffs on Chinese goods but see a recovery later in the year, bolstered by stronger Chinese economic stimulus and improved valuations.
According to the daily chart, Silver is set to resume its upside as the price crosses above the key 100-day Exponential Moving Average (EMA). However, further consolidation cannot be ruled out as the 14-day Relative Strength Index (RSI) hovers around the midline, indicating the neutral momentum of the white metal.
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.