- Silver prices are up 0.30%, trading at $30.35 after a sharp 3% drop.
- The technical outlook remains bullish, supported by the 50-day SMA at $30.16 and the RSI above the neutral line of 50.
- Key resistance at $30.50 and $31.00; support levels at the 50-day SMA and $29.48, with a critical psychological barrier at $29.00.
The price of the Silver The dollar rose at the start of the North American session but remained below the psychological mark of $30.50 after posting losses of more than 3% on Wednesday. Rising US Treasury yields and a stronger US dollar weighed on the precious metal, which is trading at $30.35 and posting gains of 0.30%.
Silver Price Analysis: Technical Outlook
The grey metal remains biased to the upside, capped on the downside by the 50-day moving average (SMA) at $30.16. The RSI remains above the neutral line of 50, indicating that momentum is favouring buyers; hence, further upside is anticipated.
For a bullish continuation, XAG/USD needs to surpass $30.50 for buyers to test the $31.00 mark. With further strength, Silver’s next resistance would be the July 17 high at $31.42, before testing the July 12 high at $31.75.
If the grey metal weakens further, the first support for the XAG/USD pair would be the 50-day SMA before testing the July 3 daily low at $29.48. A break of the latter will expose the psychological figure of $29.00.
Silver Price Action – Daily Chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
