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

• Silver climbs 0.80% to $30.35, outstripping concerns over U.S. inflation, Fed scrutiny.
• Technical hurdle at 50-day SMA of $30.42; breach could push silver to $30.80.
• Downside risks if silver drops below $30.00, key support at 200-day SMA, lows near $28.78.

Silver Price rises for the seven straight day putting aside the jump in US Treasury bond yields and the US Dollar, after a strong US jobs report calmed Federal Reserve officials about the employment situation in the US. Nevertheless, the evolution on inflation seems to be stalled, gathering some attention of Fed oficials. The XAG/USD trades at $30.35 up over 0.80%.

XAG/USD Price Forecast: Technical outlook

Silver continues to trend higher, advancing steadily above the $30.00 figure for the latest fhree trading days, boosted by buyers emerging at crucial support found at the 200-day Simple Moving Average (SMA) at $29.93. However, they are struggling with stir resistance at the 50-day SMA at $30.42, which has kept prices from reaching the 100-day SMA at $30.80.

If bulls clear those levels, that will clear the path to challenge $31.00 and expose the next cycle high seen at $32.32, December's 12 peak.

Conversely, if XAG/USD slides beneath $30.00, the 200-day SMA emerges as bulls' first line of defense. A breach of that level, could drive Silver's price towards the January 6 low of $29.41, ahead of the December 31 low of $28.78.

XAG/USD Price Chart - Daily