Silver Price Rally Hits Key Resistance Amid Bullish Momentum
The Silver price rally has cleared its previous peak on the Relative Strength Index (RSI), indicating that buyers are gaining steam and putting upward pressure on the asset. The first key resistance for XAG/USD is the $70.00 figure, with a decisive push potentially driving spot prices to the 200-day SMA at $73.00 before targeting $75.00.
However, if the price drops below the 100-day SMA at $67.18 and clears the September 8 low of $65.54, it could indicate a bearish continuation. Below this level, prices would need to fall further to reach the $65.00 mark and potentially the September 2 swing low of $63.32.
Silver is a highly traded precious metal used as a store of value and medium of exchange. Its price can move due to various factors, including geopolitical instability, lower interest rates, investment demand, mining supply, recycling rates, and the US Dollar's behavior.