Silver Price Forecast: XAG/USD holds bullish below $70.00/two-month high set on Friday
Silver (XAG/USD) seesaws between tepid gains and minor losses around the $69.00 mark through the Asian session on Monday. The white metal, however, remains within striking distance of a two-month high, around the $70.00 psychological mark touched on Friday, and seems poised to appreciate further.
Silver (XAG/USD) fluctuates around the $69.00 level on Monday, inching closer to a two-month high around $70.00 touched on Friday. The metal shows a near-term bullish outlook after breaking above $66.65-$66.70 resistance and the 38.2% Fibonacci retracement of the May-July decline. It trades above the 200-period Simple Moving Average (SMA) on the 4-hour chart, reinforced by positive Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) near 66, indicating strong buying pressure.
Potential resistance lies at the 50.0% retracement at $71.95, followed by the 61.8% level at $76.08, 78.6% at $81.97, and the cycle high at $89.47. Downside support can be found at the 38.2% Fibonacci retracement at $67.81, the 23.6% level at $62.70, the 200-period SMA at $60.93, and a deeper structural floor at $54.43. Silver, a precious metal with various industrial and investment uses, is influenced by factors such as geopolitical events, interest rates, the US Dollar, investment demand, mining supply, and recycling rates.
Its price often mirrors Gold's movements, with the Gold/Silver ratio providing insights into their relative valuations.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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