Silver Price Forecast: XAG/USD steadies above $36.00 as bulls regain control

NEW YORK (June 23) Silver prices stabilized as the week began, rising 0.39%, as slight risk aversion amid heightened geopolitical tensions provided support. XAG/USD reached a daily high of $36.36 before settling at $36.14, ending three days of losses.

XAG/USD Price Forecast: Technical outlook

Silver remains upwardly biased, despite hitting a weekly low of $35.51 last week. Since then, XAG/USD recovered over 1.70%, lifting the grey metal price above $36.00, and paving the way for further upside.

The Relative Strength Index (RSI) shows that buyers remain in control. Therefore, further upside is seen.

If XAG/USD rises past $36.50, this will expose the $37.00 figure. The next supply zone of interest would be the June 18 yearly high at $37.32, ahead of $37.50

Conversely, a daily close below $36.00 could sponsor a move towards the June 12 swing low of $35.46, ahead of March 28 peak turned support at $34.59.

FXStreet