Downside risks: support at $28.67, with further levels at 100-DMA ($28.34) and $28.00.
Silver's price stages a recovery after diving to four-week lows of $28.67. It climbs back above $29.00, registering gains of more than 0.40%, and trades at $29.22.
XAG/USD Price Analysis: Technical outlook
Technically speaking, XAG/USD has formed a back-to-back session of ‘hammers,’ with sellers unable to push Silver’s price below the $29.00 mark, opening the door for further upside.
Momentum shows that neither buyers nor sellers are in charge, but the recent uptick in the Relative Strength Index (RSI) is a sign that buyers are moving in.
If XAG/USD rallies above the July 22 high of $29.42, it could extend towards the July 19 peak at $29.83. A further upside is seen above that level, with the $30.00 mark lying overhead, before challenging the 50-day moving average (DMA) at $30.12. A breach of the latter will expose the July 17 high at $31.42.
