Silver Price Forecast: XAG/USD clears 50-day SMA, eyes $65
Silver price surges nearly 3% as it clears the 50-day Simple Moving Average (SMA) at $62.13, and reclaims the $63.00 figure as it struggles to surpass key resistance seen at $63.28, the July 6 high.
XAG/USD Price Forecast: Technical outlook
Silver trades sideways, but bulls are gaining traction, as indicated by the Relative Strength Index (RSI). The RSI crossed above its 50-neutral level, poised to hit the overbought 70 level, rather sooner than later.
This suggests that the white metal could test higher prices, once it crosses the $65.00 mark. A breach of the latter will expose the 100-day SMA at $68.98, before testing the psychological $70.00 mark. Once cleared, the 200-day SMA becomes the next ceiling level at $71.22.
If XAG/USD retreats below the $63.00, a retracement towards the 50-day SMA is on the cards. On further weakness, Silver could fall towards the $60.00 mark, followed by the August 3 low of $56.57.
XAG/USD Price Chart – Daily
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ivy League’s space gamble: Harvard reveals $2.2 billions SpaceX position, its largest single stock holding
Harvard University Investment Management Company disclosed that it holds $2.2 billion worth of SpaceX shares, making it the largest single stock position in its $4.3 billion US equity portfolio. This holding originated from Harvard’s early investment in SpaceX through venture capital funds, and the position has significantly appreciated after SpaceX’s public listing in June this year. The University of California also disclosed a roughly $1 billion position in SpaceX during the same period. Over the past decade, endowment funds from several universities have made substantial bets on private tech assets.
Circle obtains Major Payment Institution license in Singapore
Crypto prices
More
