Silver prices surged, breaching the 200-day Simple Moving Average (SMA) at $29.98, fueling buying momentum. The XAG/USD is currently trading at $30.64, having gained over 2.64% on Wednesday. Major resistance lies at $31.00, with a potential break aiming for the December 12 high of $32.32. However, a pullback below the 50-day SMA could trigger a retest of the 200-day SMA, down to $28.74.
Silver climbs, breaching 200-day SMA at $29.98, enhancing buying momentum. Major resistance at $31.00; break could aim for December 12 high of $32.32. Pullback below 50-day SMA might prompt retest of 200-day SMA, down to $28.74. Silver's price stages a comeback, rising above the 50-day Simple Moving Average at $30.32 and eyeing a break of the 100-day SMA. At the time of writing, the XAG/USD trades at $30.64, having gained over 2.64% on Wednesday.
Which factors influence Silver prices? Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar behaves as the asset is priced in dollars .
SILVER XAG/USD TECHNICAL ANALYSIS PRICE FORECAST RESISTANCE
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