- Silver retreats to $32.54 after failing to hold above key $33.00 level.
- RSI signals mixed momentum, with downside risks if $32.00 support breaks.
- Next resistance at $33.20, while key support lies at 100-day SMA near $31.12.
Silver’s price retreats on Friday and fails to capitalize on falling US yields. According to the 10-year T-note, yields tumbled almost eight basis points to 4.431% at the time of writing. The XAG/USD trades at $32.54, down 1.20%.
XAG/USD Price Forecast: Technical outlook
XAG/USD’s uptrend remains in place, but failure to end the day/week above $33.00 exacerbated Silver’s plunge. Bullish momentum has faded, as depicted by a Relative Strength Index (RSI), which gives mixed signals. The RSI is bullish, but the slope is aiming downwards.
Buyers must clear the February 20 high at $33.20 for a bullish continuation. Once done, further upside Is seen, with the next resistance being the February 14 peak at $33.39 ahead of the $34.00 figure.
Conversely, if XAG/USD drops below $32.00, this would exert downward pressure on the precious metal. the first support would be the 100-day Simple Moving Average (SM) at 31.12, followed by the 50-day SMA and the 200-day SMA, each at 30.70 and 30.46.
XAG/USD Price Chart – Daily
