Silver Price Forecast: XAG/USD Stays Near $33.00 After Dropping Below Short-Term Trend Line
Silver is currently trading around $33.00 after falling below its nine-day Exponential Moving Average (EMA), which is a short-term trend line. This drop shows that the recent upward momentum is slowing down. But overall, the bigger trend is still positive since the price is holding above the 50-day EMA.
The 14-day Relative Strength Index (RSI) is still above 50, which usually means buyers are still active and the market may stay strong.
If silver moves higher, the next big resistance is around $33.40, which was a high point back in February. If the price can break above this level, it might rise further, possibly reaching around $35.10 — the top of its upward price channel.
On the downside, support is close at $32.41, where the nine-day EMA sits. If the price falls below this, it could drop more, with further support at $31.65 and then at $30.70, which was a two-month low.
Impact: Silver might stay around $33.00 in the short term. If it breaks above $33.40, it could rise more. But if it falls below $32.41, a bigger drop might follow.