Silver prices climbed over 1% on Monday, reaching a key resistance level at the 200-day Simple Moving Average (SMA) of $29.87. Technical analysis suggests potential for further gains to $31.00, but downside risks remain if resistance can't be broken.
Silver prices climbed over 1% on Monday, hitting the crucial 200-day Simple Moving Average (SMA) at \$29.87. At the time of writing, XAG/USD trades at \$29.87 after bouncing off a daily low of \$29.41 and reaching a high of \$30.34. Silver is facing strong resistance at \$29.87, the 200-day SMA, which is crucial for buyers if they want to push spot prices higher. The uptrend remains intact, yet bulls need to clear the latter, followed by the \$30.00 mark.
Up next is the confluence of the 50 and 100-day SMAs at \$30.73/77, followed by \$31.00 a troy ounce. Conversely, if XAG/USD falls short of clearing the 200-day SMA, sellers could challenge the December monthly low of \$28.74, followed by the September 6 low of \$27.69
SILVER PRICE TECHNICALANALYSIS COMMODITYTRENDS MARKETFORECAST
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