Silver Price Reclaims Short-Term Momentum Amid Bearish Outlook

The silver price has shown improved momentum in the short term, but its broader trend remains bearish. On the daily chart, XAG/USD reclaimed the 21-day Simple Moving Average (SMA) at $58.31 and is now challenging the 50-day SMA at $62.65.

The Relative Strength Index (RSI) has risen to 56, while the Moving Average Convergence Divergence (MACD) stays above zero, indicating building bullish momentum.

Immediate resistance for silver is located at the 50-day SMA near $62.65, with a daily close above this level opening up the way towards the $65.00 barrier and then the 100-day SMA at $69.22.

On the downside, initial support is offered by the 21-day SMA at $58.31, ahead of the horizontal floor near $55.50.