Silver Price Soars Above $60, Tests Key Moving Averages

The price of Silver has skyrocketed above $60, testing its 50-day Simple Moving Average (SMA). The Relative Strength Index (RSI) shows a shift in momentum to bullish, indicating that the path of least resistance is upwards. To regain total control, bulls must reclaim the psychological $65.00 level.

If they succeed, their focus will be on the 100-day SMA at $69.22, before challenging the $70.00 milestone last reached in mid-June. The next area of interest emerges at the 200-day SMA at $71.06.

However, if XAG/USD retreats and ends the day below $62.00, it opens the door for a move to the August 3 swing low of $59.40. If broken, this opens the way towards retesting yearly lows of $54.77.