Silver Price Forecast: XAG/USD surges above $86 as US Dollar retraces
NEW YORK (March 9) Silver (XAG/USD) price climbs over 2% on Monday as the Greenback pares some of its previous gains, a tailwind for the precious metals segment. At the time of writing, XAG/USD trades at $86.35 after bouncing off daily lows of $79.65.
XAG/USD Price Forecast: Technical outlook
Silver’s technical picture shows that XAG/USD is consolidating within the $80.00-$96.50 range, with neither buyers nor sellers unable to crack the top/bottom of that area. Momentum is in favor of the bulls, as depicted by the Relative Strength Index (RSI), but it remains fragile.
On the upside, the key resistance is the $90.00 figure. Once cleared, the next stop would be the March 2 swing high at $96.39, followed by the $97.00 mark. Up next, the following area of interest would be the $100.00 milestone, followed by the January 30 high at 118.47.
On the flip side, Silver’s first support would be the 50-day Simple Moving Average (SMA) at $85.51. On further weakness, the next stop would be the March 9 swing low at $79.66 ahead of the March 3 cycle low of $77.98.
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