Silver struggles to register any meaningful recovery from a multi-day low touched this Monday, as the XAG/USD pair hovers around the $29.35 region. Despite finding some support ahead of the 50-day Simple Moving Average (SMA), the white metal is facing challenges in attracting significant buying interest.
The technical setup for Silver remains mixed, with the XAG/USD holding above key SMAs but with oscillators on the daily chart showing signs of turning negative. This has prompted caution among traders before placing bullish bets on the commodity.
A break below the $29.00 mark could shift the near-term bias in favor of bearish traders, potentially leading to a further decline towards the $28.00 level. On the other hand, a move above the $30.00 psychological barrier could pave the way for a retest of the $31.00 mark and beyond.
Overall, the outlook for Silver remains uncertain, with the 50-day SMA holding the key for bullish momentum. Traders will be closely monitoring price movements in the coming sessions to gauge the direction of the XAG/USD pair.
For more information, you can visit https://www.fxstreet.com/news/silver-price-analysis-xag-usd-flat-lines-above-mid-2900s-50-day-sma-holds-the-key-for-bulls-202406240500.
