- XAG/USD climbs to $31.74, driven by falling US Treasury yields and stronger risk sentiment in the market.
- Momentum favors bulls, with RSI clearing key resistance, suggesting further upside potential towards $33.00.
- Key support lies at $31.60, with a break below potentially leading Silver to retest the $30.76 level.
Silver prices climbed on Wednesday as US Treasury yields fell, a tailwind for the non-yielding metal. An improvement in risk appetite underpins the precious metal sector, pushing the grey metal to hit a seven-day high at $32.17. At the time of writing, XAG/USD trades at $31.74 and gains more than 0.85%.
XAG/USD Price Forecast: Technical outlook
After diving almost vertically from a year-to-date (YTD) peak of $32.95 to $30.12 in three days, Silver is recovering, with buyers eyeing a test of $33.00.
The momentum remains constructive, supporting bulls as shown by the Relative Strength Index (RSI. The RSI cleared the 55 peak with enough room to spare before turning overbought.
Hence, Silver’s path of least resistance is tilted to the upside. The first resistance would be the $32.00 figure, followed by today’s high at $32.17. Once those levels are surpassed, the next stop would be the May 20 swing high at $32.51 before challenging the YTD high at $32.95.
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