Commodities
Silver Price Rally Continues Amid Growing Buying Momentum
The price of Silver (XAG/USD) is on an upward trajectory, with buyers continuing to gain momentum. According to technical indicators, the path of least resistance is upwards. The first key resistance level for Silver is the 100-day SMA at $68.96. A breach of this level would expose the psychological price of $70.00, followed by the 200-day SMA at $71.30.
If the rally continues, the next stop could be the April 17 high at $83.06. On the other hand, if the trend reverses, the first support level is the low of the day (LOD) at $63.28. Once this level is hurdled, the next stop would be the 50-day SMA at $61.95, followed by a support trendline around $57.50-$57.75.