- The daily chart shows that silver prices are likely to switch from a downtrend to an uptrend.
- The main resistance is seen at the 9-day moving average at $30.76.
- The pair is likely to approach the psychological $30.00 support level.
Silver prices (XAG/USD) remained steady around $30.50 per ounce in the Asian session on Wednesday. Daily analysis suggests that momentum may shift from bearish to bullish as the pair surged below the lower trendline boundary.
However, the 14-day relative strength index (RSI) is currently below 50, indicating a strong sentiment. In addition, the XAG/USD pair is below the 14-day and 9-day exponential moving averages (EMAs), indicating a negative outlook and suggesting a short-term bearish trend. This suggests that interest rates are weak and prices will continue to fall.
On the upside, if the price manages to break out of the key area near the upper boundary of the lows, the asset price will continue to test the 9-day exponential moving average (EMA) at $30.76 and then the 14-day exponential moving average. . the exponential moving average (EMA) is at $30.76. The EMA is at $30.96. A break below this will likely trigger a deeper trend, which could push the price to a three-month low of $27.69 and then to a recent low of $28.50.
XAG/USD: Daily Chart
