Silver Price Forecast: Bulls eye $90.00 as momentum surges

Silver price steadies following Monday’s advance of over 7%; gains 0.69% and trades at $86.58 after bouncing off daily lows of $83.05 at the time of writing.

XAG/USD Price Forecast: Technical outlook

From a technical perspective, XAG/USD shifted from neutral to neutral-upwards after clearing a key resistance trendline drawn from around March’s 2 highs, which passes at around $77.00.

Momentum shifted bullish, as depicted by the Relative Strength Index (RSI), which spiked higher, nearly overbought territory, an indication that buyers are gaining momentum.

Should XAG/USD clear the $87.00 mark, this opens the door to challenge the $90.00 milestone. A breach of the latter will expose the March 2 high of $96.62, ahead of the $100.00 figure.

For a bearish continuation, sellers need to drive the Silver price towards the April 17 daily high, which has since turned into support at $83.06. Once hurdled, the next support would be the 100-day Simple Moving Average (SMA) at $80.92, followed by the 50-day SMA at $76.99, ahead of the $70.00 figure.

XAG/USD Price Chart – Daily