Silver Price Breaks 50-Day SMA, Targets $65 and Beyond

The silver price has cleared its 50-day Simple Moving Average (SMA), setting its sights on $65. If it breaks through this level, it could test higher prices and potentially reach $70, with the 200-day SMA at $71.22 acting as a ceiling.

However, if XAG/USD retreats below $63, a retracement towards the 50-day SMA is on the cards, followed by a potential fall to $60 or even $56.57 if weakness persists.

Silver prices are influenced by various factors, including geopolitical instability, interest rates, and investment demand. A strong US Dollar can also keep silver prices at bay.