Silver Price Forecast: XAG/USD holds gains but struggles for fresh momentum
Silver (XAG/USD) trades on the front foot on Friday but lacks strong follow-through and remains within the narrow range seen this week. At the time of writing, XAG/USD trades around $65 after bouncing from an intraday low of $63.51.
Silver (XAG/USD) continues its upward trend on Friday, holding onto gains despite struggling to build new momentum. The metal is currently trading around $65, following a bounce from a low of $63.51. The US Dollar weakens across the board as recent US economic data suggests a less likely interest rate hike from the Federal Reserve, providing a favorable environment for the precious metal.
Silver maintains a positive technical outlook, bouncing back from near $55 after its recent decline. However, the short-term momentum remains weak, leaving the market vulnerable to consolidation. The price is above key moving averages, including the 50-period and 100- and 200-period SMAs, providing a bullish outlook for the near term.
On the downside, support levels can be found at the 23.6% Fibonacci retracement at $64.38, the 50-period SMA at $63.60, and a cluster of structural zones. Traders should watch for a break above the recent high of $66.80 to see further upside potential.
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