Silver Price Forecast: XAG/USD edges higher above $36.00, Bullish outlook remains intact
Silver price climbs to around $36.20 in Monday’s early European session, up 0.55% on the day.
The positive view of the Silver prevails above the key 100-day EMA with the bullish RSI indicator.
The immediate resistance level emerges at $36.84; the first support level to watch is $35.28.
The Silver price (XAG/USD) edges higher to near $36.20 during the early European session on Monday. Traders raise their bets that the US Federal Reserve (Fed) will cut rates more times this year and possibly sooner than previously expected. This, in turn, weighs on the US Dollar (USD) and underpins the USD-denominated commodity price, as a weaker USD makes Silver cheaper for foreign buyers.
Technically, the constructive outlook of Silver remains in place as the white metal is well-supported above the key 100-day Exponential Moving Average (EMA) on the daily chart. The upward momentum is reinforced by the Relative Strength Index (RSI), which stands above the midline near 57.40, displaying bullish momentum in the near term.
On the bright side, the first upside barrier for XAG/USD is located at $36.84, the high of June 26. A decisive break above this level could pick up more momentum and aim for $37.40, the upper boundary of the Bollinger Band. Further north, the next resistance level is seen at the $38.00 psychological level.
In the bearish case, the low of June 24 at $35.28 acts as an initial support level for Silver. A breach of this level could drag the metal toward $34.85, the lower limit of the Bollinger Band. The additional downside filter to watch is $33.60, the 100-day EMA.
Silver daily chart
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
