Silver Soars on Waller Comments, Targets $71.12

The price of Silver, denoted by XAG/USD, surged by 2.45% on Thursday following dovish comments from Fed Governor Waller, which led to a decline in the US Dollar and US Treasury yields.

The Relative Strength Index (RSI) rebounded from its neutral level, indicating short-term bullish momentum returning in favor of bulls.

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