Silver Price Forecast: XAG/USD reclaims 100-day SMA, eyes $70

Silver price registers modest gains on Tuesday, after briefly breaching the 100-day Simple Moving Average (SMA) at $68.38, pushing the white metal to a three-day low of $67.43 before making a U-turn and turning bullish. The XAG/USD trades at $68.86, up 0.55%,

XAG/USD Price Forecast: Technical Outlook

In the short term, Silver is tilted to the upside, but in the medium term, the market structure of lower highs and lower lows remains in play. Nevertheless, momentum, as depicted by the Relative Strength Index (RSI), indicates further upside, but it is capped by the 200-day SMA at $72.22.

If XAG/USD rises above $70.00, the non-yielding metal could reach the 200-day SMA. Above this level, the next stop is the $75.00 psychological mark, ahead of the $80.00. Conversely, if XAG tumbles below the 100-day SMA, it could open the door to challenge the next key support seen at an upslope support trendline near the $64.50-$65.00 mark. Below, the next area of interest would be the August 19 swing low of $62.19, followed by the 50-day SMA at $61.34.

XAG/USD Price Chart – Daily