Silver Price Forecast: XAG breaks channel support, bears eye $73.00
Silver (XAG/USD) price drops nearly 2.80% on Wednesday as it breaks the 50-day Simple Moving Average (SMA) at $75.77, which opened the door to clear the $75.00 mark. At the time of writing, XAG/USD trades at $74.74, after reaching a daily low of $73.44.
XAG/USD Price Forecast: Technical outlook
The white metal is poised to consolidate further below an ascending channel's upslope support trendline and beneath the 50-day SMA. In addition to this, breaching the $75.00 psychological level cleared the way for a move lower.
The Relative Strength Index (RSI) turned bearish in mid-May, pointing downwards, suggesting sellers are gaining momentum.
Should Silver slip below the May 19 low of $73.09, the next stop would be the April 29 low of $70.86. Below this level lies the 200-day SMA at $65.59, ahead of the yearly low of $61.02.
Above, the first resistance for XAG/USD is $75.00, followed by the 50-day SMA at $76.00. If hurdled, the next stop would be the 20-day SMA at $77.61.
XAG/USD Price Chart – Daily
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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