Silver Price Forecast: XAG/USD surges above $30.00, defies strong US Dollar, high yields

• Silver rebounds from the 200-day SMA at $29.89, breaking past the $30 mark.
• A tweezers-top formation observed at the day's high of $30.38, suggests potential pullback.
• Resistance and support are set at $30.40 and $28.78, respectively, with eyes on movements toward $31.00.

Silver price posts solid gains as it bounces off the 200-day Simple Moving Average (SMA) of $29.89 and climbs past the $30.00 threshold, up by 0.43% at the time of writing. Although US economic data boosted the US dollar and has kept US yields higher, the grey metal has extended its uptrend.

XAG/USD Price Forecast: Technical outlook

From a technical perspective, Silver buyers are struggling to remain above the $30.00 figure for the second straight day. Although they reached a daily high of $30.38, a 'tweezers-top' candle chart pattern could pave the way for a pullback.

The Relative Strength Index (RSI) shifted bullishly but remained at around the 50 neutral levels. This suggests that neither buyers nor sellers are in charge.

For a bullish continuation, XAG/USD must clear the $30.40 an ounce barrier. Once surpassed, the next key resistance level would be the 50-day SMA at $30.64, followed by the 100-day SMA at $30.78. On further strength, the $31.00 would be exposed.

Conversely, If XAG/USD drops below the 200-day SMA, sellers could push the grey's metal price lower. Key support levels would be the December 31 swing low of $28.78, followed by the September 6 daily low of $27.69.

XAG/USD Price Chart - Daily