Silver Price Analysis: Climbs above $80, as bulls eye weekly high
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Silver rallies toward weekly high as bullish momentum remains intact.
Break above $82.12 exposes April peak at $83.05.
Close below 100-day SMA risks pullback toward $77.19 support.
Silver price advances more than 2.50% on Friday, set to end the week with gains of over 7% sponsored by US Dollar weakness and falling oil prices. At the time of writing, the XAG/USD trades at $80.72, after bouncing off daily lows of $78.16.
XAG/USD Price Analysis: Technical outlook
Silver is testing the weekly high reached on May 7 at $82.12, but so far has failed to clear it. Momentum remains bullish, as indicated by the Relative Strength Index (RSI), but they must clear key overhead resistance.
On the upside, the first key resistance is $80.50. Once cleared, the next areas of interest become the $81.00 figure, followed by the May 7 peak at $82.12. If those two areas are hurdled, the next stop would be the April 17 swing high at $83.05.
Downwards, the first support is the 100-day SMA at $80.01. A daily close below the latter, opens the door for a pullback towards the 50-day SMA at $77.19, ahead of the 20-day SMA at $76.44.
XAG/USD Price Chart – Daily
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