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