- Silver price jumps over 2%, trading at $28.99 after bouncing from daily lows of $28.25.
- XAG/USD clears the 100-DMA at $28.58; key resistance at $29.00 in focus.
- RSI indicates strengthening bullish momentum; next targets include $29.44 and $30.00, with support at $27.31 if bearish reversal occurs.
Silver price resumed its uptrend and surged over 2% on Wednesday, clearing the 100-day moving average (DMA) at $28.58, a key resistance level that capped the grey’s metal advance toward $29.00. The XAG/USD trades at $28.99 after bouncing off daily lows of $28.25.
XAG/USD Price Analysis: Technical outlook
The grey metal uptrend remains in play, though buyers' lack of strength to achieve a daily close above $29.00 could expose the precious metal to selling pressure.
Buyers gathered some steam as shown by the Relative Strength Index (RSI), which, despite being below the neutral line, the steepest advance, hints that it would turn bullish and confirm price action.
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