- XAG/USD will slip to $ 31.13, with a growing inheritance risk
- Silver does not maintain above USD 33.00, causing consolidation and selling pressure.
- 100-day SMA price tests for $ 31.20; Next key support at a 50-day SMA in the amount of USD 30.89.
- Break below 30.89 USD may reveal the 200-day SMA at 30.47 USD and low January in the amount of USD 29.70.
Silver ended the week with a lower note, they will fall by almost 4%, because traders reserved profits among American removal of recession after issuing key data in the USA. At the time of writing, XAG/USD, it trades at USD 31.13, which is a 0.32%decrease.
Price forecast XAG/USD: Technical perspectives
Gray metal showed signs of consolidation after it was not possible to clear $ 33.00 as at the day of closing, which could have tightened the rally in the direction of USD 34.00. Instead, the XAG/USD point price cleaned the 100-day straight movable average (SMA) to $ 31.20, opening the door to test the 50-day SMA after 30.89 USD.
Although the bears lowered prices, the buyers have recovered $ 31.00. Nevertheless, the relative force indicator (RSI) shows that sellers are gaining momentum.
Therefore, the first XAG/USD support would be 50.89 USD 50.89 in the event of further weakness. The violation of the latter will reveal the 200-day SMA each 30.47 USD. If the sellers conquer these two levels, the trend changes down and the bears will be able to challenge on 27 January to USD 29.70.
