Silver Price Forecast: XAG/USD Climbs Steadily, Bulls Capped By 100-Day SMA

Silver price recovers some ground and trades with gains of 0.91% yet it has failed to clear key resistance at the 100-day Simple Moving Average (SMA) at $30.95. At the time of writing, XAG/USD trades at $30.70 after bouncing off a low of $30.36. XAG/USD Price Forecast: Technical outlookSilver recovered after testing the 200-day SMA near $30.05 and rose above the 50-day SMA but faces stir resistance at $30.95. The trend is tilted to the downside as the grey metal carved a series of successively lower highs and lower lows. Even though the Relative Strength Index (RSI) suggests that buyers are gathering momentum, the grey metal has to surpass $32.32, the latest cycle high hit on December 12.On the other hand, sellers must surpass the 200-day SMA and the $30.00 mark for a bearish continuation. Once taken out, the next support would be the January 13 low of $29.51, followed by the January 1 low of $28.89. XAG/USD Price Chart – Daily More By This Author:Gold Price Surges On Trump Policy, Bulls Target All-Time Highs Gold Surges As US Yields And US Dollar Tumble Gold Rises As Traders Digest Trump’s First Day In Office