Silver prices edged higher on Monday but a failure to confirm higher highs raises caution. The Relative Strength Index (RSI) remains bullish, but a 'negative divergence' looms. Key support at $31.92; upside targets $32.50 and $33.00.
Silver prices edged higher on Monday, gaining over 0.70%, as US financial markets remained closed for Presidents' Day. At the time of writing, XAG/USD trades at $32.35, virtually unchanged at the start of Tuesday's Asian session. The grey metal transitioned from a neutral to an upward biased outlook, though a quick rejection candle on February 14 after hitting a three-month high of $33.39 could pave the way for further downside.
While the Relative Strength Index (RSI) remains bullish, a 'negative divergence' looms as XAG/USD spiked past $33.00, failing to record a higher high. If Silver drops below the February 17 swing low of $31.92, it could test the 100-day Simple Moving Average (SMA) at $31.15. A breach of the latter would expose the 50 and 200-day SMAs, each at $30.60 and $30.42. On the other hand, a rally past $32.50 would see XAG/USD target the psychological $33.00 mark. Surpassing this level would put the year-to-date (YTD) high of $33.39 in sight.Factors influencing Silver prices are diverse, ranging from geopolitical instability and fears of recession to US Dollar strength and weakness. As a widely used industrial metal, particularly in electronics and solar energy, demand dynamics in major economies like the US, China, and India also play a significant role. Silver's price movements often mirror those of Gold, reflecting their shared safe-haven status. Investors can delve into Silver markets through physical purchases (coins or bars) or through Exchange Traded Funds (ETFs) that track its international price movements
SILVER XAGUSD PRICEFORECAST TECHNICALOUTLOOK RSI SUPPORT RESISTANCE
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