Silver Price Forecast: XAG/USD rallies over 3%, reclaims $31.00

• Technical outlook shows silver below the 50-day SMA at $31.54, with potential resistance at $32.00 and $32.95.
• Current market dynamics could push silver towards $33.00 if upward momentum continues.
• Bearish control remains if price drops below $30.13, key supports at $30.00 and September 6 low of $27.69.

Silver prices soar late in the New York session, trading with gains of over 3% at around $31.16 after bouncing off daily lows of $30.24. A weak US Dollar and falling US Treasury yields augmented appetite for precious metals, which halted their slide after the US Presidential Election.

XAG/USD Price Forecast: Technical outlook

Silver's uptrend remains intact despite trading below the 50-day Simple Moving Average (SMA) at $31.54.  Although it has printed a lower low beneath the October 8 swing low of $30.13, sellers need the grey's metal price to stay below the 50-day SMA. If that's not achieved, the next resistance would be $32.00, followed by the October 4 peak at $32.95. On further strength, $33.00 would be up next.

On the other hand, XAG/USD is slumping below $30.13, and sellers are in charge. The next support would be $30.00, followed by the Intermediate support seen at $27.69, the September 6 low.

Oscillators such as the Relative Strength Index (RSI) remain bearishly biased, though in the short term, some upside is seen.

XAG/USD Price Chart - Daily