Silver Price Forecast: XAG/USD retreats as momentum fades near ATH
Silver price (XAG/USD) retreats after reaching an all-time high (ATH) of $95.56 after US President Donald Trump eased his tone in his Davos speech, saying that he is ready to negotiate Greenland with Denmark. At the time of writing, XAG/USD trades at $93.57, down over 1%.
XAG/USD Price Forecast: Technical outlook
Silver’s daily chart suggests the grey metal is upward biased, but the parabolic move seems to have paused as the Relative Strength Index (RSI) exited from overbought territory and shows signs of negative divergence.
Despite this, bears are not out of the woods as they must clear the $90.00 figure, before challenging the latest cycle low of $86.45 reached on January 15. In that outcome, Silver’s could dive towards the 20-day SMA at $80.63.
On the flip side, if XAG/USD is to extend its gains, buyers need to push prices above the January 20 high of $95.86, followed by the $100.00 milestone.
XAG/USD Price Chart – Daily
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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