Silver Price Forecast: XAG/USD pulls back from $37.00 as US Dollar rebounds on US-Sino talks

NEW YORK (June 10) Silver price faces resistance near $37.00 and retreats by some 0.50% on Tuesday as the US dollar stages a comeback, with investors growing more confident of a US-China deal later in the day. At the time of writing, the XAG/USD trades at $36.52, below its opening price.

XAG/USD Price Forecast: Technical outlook

Despite retreating, XAG/USD remains upward biased after clearing the October 23, 2024, peak of $34.86, which exacerbated an advance to $35.00 and beyond. It should be noted that the Relative Strength Index (RSI) reached overbought conditions.

Although this sets up a pullback, buyers would remain safe as long as Silver remains above the $35.00 mark. Key resistance lies at $36.82, $37.00, and $37.49, a 13-year high set on February 29.

Conversely, if XAG/USD tumbles below $36.00, the first support would the $35.40, a high from October 2012, which has since turned into support. Once surpassed, the next stop is $35.00, followed by the $34.00 and $33.00 figures, ahead of the 50-day Simple Moving Average (SMA) at $32.95.

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