Silver Price Forecast: XAG/USD extends winning streak, hovers around $31.00

• Silver's uptrend continues, as solid resistance emerges at $30.70-$30.90.
• A break above $31.00 could lead to further gains, targeting $31.54, $31.75, and the YTD high at $32.51.
• Sellers must push prices below $29.86 for a bearish shift and challenge lower support levels.

Silver prices edged up modestly late on Monday, bolstered by a weaker US Dollar and a drop in US Treasury yields. Speculation that the Federal Reserve would cut rates by 50 basis points (bps) weighed on the buck and yields. The XAG/USD trades at $30.75, extending its winning streak to six days.

XAG/USD Price Forecast: Technical outlook

Silver's uptrend remains intact after six days of continuing gains, though the grey metal faces strong resistance at a downslope resistance trendline drawn from May-July highs that pass at around $30.70-$30.90.

Momentum favors buyers, as the Relative Strength Index (RSI) shows. However, it has begun to turn flat, hinting that consolidation lies ahead.

XAG/USD must clear the $31.00 figure for a bullish continuation. A decisive break would expose the June 7 high at $31.54, followed by the July 11 peak at $31.75. On additional strength, the next stop would be the $32.00 figure, ahead of the year-to-date (YTD) high at $32.51.

Conversely, sellers must bring prices below the September 13 low of $29.86 to challenge lower prices.

XAG/USD Price Action - Daily Chart