Silver Price Forecast: XAG/USD keeps the bearish vibe, key support level emerges near $30.00
The Silver price gains ground to near $30.15 in Tuesday’s Asian session.
The negative outlook of the index remains intact with a bearish RSI indicator.
The first support level to watch is $30.00; the first upside barrier is seen at $30.85.
The Silver price (XAG/USD) posts modest gains around $30.15 during the Asian trading hours on Tuesday. The upside for the white metal might be limited due to investors liquidating positions to secure profits, possibly covering losses or margin calls on falling asset valuations, fueled by concerns about a global trade war. Nonetheless, the weaker Greenback might help limit the USD-denominated commodity price’s losses.
According to the daily chart, the bearish sentiment of the Silver remains in play as the price remains capped below the key 100-day Exponential Moving Average (EMA). Furthermore, the downward momentum is supported by the 14-day Relative Strength Index (RSI), which stands below the midline near 32.70, supporting the sellers in the near term.
The first downside target for the XAG/USD emerges at the $30.00 psychological level. Further south, the next contention level is seen at $28.80, the low of December 20, 2024. The additional downside filter to watch is $28.31, the low of April 7.
On the bright side, the immediate resistance level is located at $30.85, the high of January 21. Any follow-through buying above this level could pave the way to $31.77, the 100-day EMA. A decisive break above the mentioned level could see a rally to $33.20, the high of February 20.
Silver price (XAG/USD) daily chart
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