- Silver was up 1.33% on Friday, but posted a weekly loss of 2.30%.
- The technical outlook is neutral with a potential bullish turnaround if silver breaks through the resistance at $31.00.
- Downside risk remains if silver falls below $30.35 and the next support is at $30.00.
The price of silver rose on Friday and ended the session with gains of over 1.33%, although during the week it recorded losses of 2.30%. A frail US dollar helped boost the gray metal, which cleared its 100-day elementary moving average (SMA) at $30.35. At the time of writing, XAG/USD is trading at $30.60.
XAG/USD Price Forecast: Technical Outlook
The gray metal is neutral or biased down, consolidated and hovering around the 100-day SMA. Neither buyers nor sellers were able to move the silver price beyond the $29.64-$31.52 range.
Oscillators such as the Relative Strength Index (RSI) remain bearish, although there are signs that buyers are gathering strength.
Therefore, for bullish continuation, buyers need to clear $31.00. Once cleared, the next stop will be the top of the range at $31.52, after which buyers can target the 50-day SMA at $31.74, ahead of $32.00.
On the other hand, if XAG/USD falls below the 100-day SMA of $30.35, the next support level will be $30.00. In case of further weakness, sellers could target the 200-day SMA of $29.10.
XAG/USD price chart – daily
