Silver Price Forecast: XAG/USD rebounds and climbs above $31.00

• Silver prices bounce and cleared the October 9 high of $30.77, following mixed US inflation and jobs data.
• Momentum turns slightly bullish, with buyers in control, as RSI breaks above the neutral 50 level.
• Key resistance lies at $31.50 for a bullish continuation, targeting $32.00 and the YTD high of $32.95; a drop below $31.00 could trigger a pullback toward $30.22 and $30.12.

Silver prices bounced off a three-week low, rallied over 0.60%, and traded at $31.12 at the time of writing. Mixed data from the United States (US) showed inflation edging up, and a soft jobs report. Although it triggered some upside in the precious metal, hawkish remarks by Atlanta's Fed President Raphael Bostic capped Silver's advance.

XAG/USD Price Forecast: Technical outlook

Silver prices have cleared the October 9 daily high of $30.77, extending their gains past the $31.00 figure. Nevertheless, Silver's is not out of the woods after Tuesday's plunge of over 3.20%, pushing the grey's metal to hit a multi-week low.

Momentum shifted slightly bullishly, as seen by the Relative Strength Index (RSI) piercing the 50 neutral lines, suggesting buyers regained control.

For a bullish continuation, XAG/USD must clear the psychological level of $31.50. Once surpassed, the next stop would be the $32.00 figure, followed by the year-to-date (YTD) high of $32.95.

Conversely, if Silver drops below $31.00, this could pave the way for a pullback. The first support would be the October 9 low of $30.22, followed by the October 8 swing low of $30.12.

XAG/USD Price Action - Daily Chart