Silver Price Rises on Dovish Fed Comments, Eyes Key SMA

The price of Silver (XAG/USD) rose by 2.45% on Thursday, following dovish comments from Federal Reserve Governor Christopher Waller that weakened the US Dollar and pushed down US Treasury yields.

The current price is $66.90, after reaching a high of $67.48, and the market structure indicates sellers are in control, with lower highs and lower lows since late January when Silver reached an all-time high of $121.66.

To resume the uptrend, Silver must clear its 100-day Simple Moving Average (SMA) at $67.66, which would expose the August 28 swing high of $71.12, followed by the 200-day SMA at $72.78 and potentially the May 25 high at $78.83.