Silver surges past $32.00, eyeing key resistance at $33.00 and $33.20.
RSI signals bullish strength, with price action forming higher highs and lows.
Downside risks emerge if XAG/USD drops below $32.00, with support at $31.50 and 100-day SMA at $31.21.
Silver's price rallies continued for the third straight day since bottoming last Friday near $31.81. It gained over 2.14% late during the North American session and trades at $32.63. Broad US Dollar weakness despite falling US Treasury bond yields.
XAG/USD Price Forecast: Technical outlook
The grey metal cleared the $32.00 figure and skyrocketed towards $33.00, finishing Wednesday’s session near $32.83. Momentum is skewed to the upside, with price action registering higher highs and higher lows, while the Relative Strength Index (RSI) aims higher, towards refreshing previous peaks.
Therefore, XAG/USD's first resistance would be $33.00. On further strength, key resistance levels would be exposed, like the February 20 high at $33.20m, followed by the February 14 $33.39 cycle highs.
Conversely, if XAG/USD falls beneath $32.00, the next support would be the $31.50 area before sellers could challenge the 100-day SMA at $31.21. On further weakness, the next support would be $31.00, followed by the 200-day SMA at $30.48.
XAG/USD Price Chart – Daily
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