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Indonesia News Portal for Traders | Financial & Business Updates

9 January 2025 16:38  |

Silver Price Forecast: XAG/USD rises above $30.00

Silver (XAG/USD) price continues its uptrend, extending the winning streak that began on January 1. The grey metal was trading around $30.20 per troy ounce during European hours on Thursday.

A closer look at the daily chart shows a developing bullish bias, with the XAG/USD pair moving up along the nine- and 14-day Exponential Moving Averages (EMAs), indicating strong near-term price momentum

The 14-day Relative Strength Index (RSI) has also risen above the 50 level, strengthening the bullish sentiment.

A further rise in Silver price could indicate developing bullish momentum. However, the alignment of the nine-day EMA with the 14-day EMA still suggests the absence of a strong directional trend in the near-term price movement.

Silver price may face potential resistance at the psychological level of $31.00. A significant break above this level could strengthen the bullish momentum, paving the way for the metal to target a two-month high of $32.28, last touched on December 9.

Source: FXStreet

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