Silver Price Analysis: Consolidates near $76.50 as RSI hints at upside

Silver price consolidates around $76.50 per troy ounce amid a narrow trading session driven by Middle East developments, keeping investors uncertain about a US-Iran deal. At the time of writing, the white metal is up over 1%.

XAG/USD Price Analysis: Technical outlook

Silver is poised to trade sideways with key resistance levels lying overhead. Although it has printed back-to-back days with higher highs and higher lows, a daily close above $70.00 is needed if buyers would like to test higher prices.

The Relative Strength Index (RSI) remains bearish below its neutral level, but it’s aiming steadily higher. This indicates that sellers are losing momentum, and buyers might be stepping in. Hence, in the short term, further upside is expected in the XAG/USD.

A breach above $70.00 will expose the 20-day Simple Moving Average (SMA) at $77.51. Above this level, the next resistance is at $80.00, followed by the 100-day SMA at $81.10.

Downwards, the first support for XAG/USD is at $76.00. Once cleared, the next stop would be the April 29 daily low of $70.86, ahead of $70.00.

XAG/USD Price Chart – Daily