Silver Price Forecast: XAG/USD rebounds toward $30 as bulls defend key support
Silver bounces from $28.33 after failed bearish breakout, reclaiming $29.80 with eyes set on $30.00 resistance.
Technical setup turns bullish as RSI exits oversold territory and hammer pattern signals momentum shift.
Daily close above $29.70 could open door to $30.87 (200-day SMA), while downside risk emerges below $29.50.
Silver price sellers failed to decisively clear support at $28.75 daily, and buyers stepped in near yearly lows of $28.33, pushing the grey metal’s price back above $29.80 with traders eyeing the $30.00 mark. At the time of writing, XAG/USD trades at $29.89, up 0.89%.
XAG/USD Price Forecast: Technical outlook
Silver’s downtrend stalled and it might be poised for a leg-up due to some technical factors: the formation of a hammer, and the Relative Strength Index (RSI) exiting oversold conditions, with the index punching above the 30 level, a signal that usually is bullish for traders.
Furthermore, XAG/USD trades above the January 25 low of $29.70, and a daily close above the latter could sponsor a test of the $30.00 level. Once cleared, the next stop would be the 200-day Simple Moving Average (SMA) at $30.87, followed by the $31.00 mark.
On the other hand, a drop below $29.50 could pave the way for further downside, with the next support being $29.00, followed by the year-to-date (YTD) low of $28.33.
XAG/USD Price Chart – Daily
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