Silver Price Forecast: XAG/USD bulls await acceptance above $66.00, 100-day EMA breakout
Silver (XAG/USD) is seen building on Friday's bounce from mid-$63.00s and gaining some follow-through positive traction at the start of a new week.
Silver price is anticipated to rise above $66.00 as bullish bulls wait for confirmation above the 100-day Exponential Moving Average. Currently trading near mid-$65.00s, the XAG/USD has gained 1.50% on Friday, buoyed by a sell-off in the US Dollar amid signs of cooling inflation and sluggish consumer spending. Technical analysis indicates a bullish consolidation phase, with the metal oscillating within a familiar range after recovering from a July low and breaking the 23.6% Fibonacci retracement level of the May-July decline.
Momentum indicators remain positive, with the RSI near 61 and MACD histogram in the positive zone. The next target for the XAG/USD is the 38.2% Fibonacci level at $67.93, with further gains potentially heading towards the mid-range Fibonacci hurdle at $72.02. A break below $62.87, the 23.6% Fibonacci level, could expose the lower anchor near $54.70.
Silver's price is influenced by various factors, including geopolitical events, interest rates, the US Dollar's strength, investment demand, mining supply, and recycling rates. The Gold/Silver ratio may also impact its valuation.
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