Silver Price Forecast: XAG/USD holds near $38.00 as bullish momentum builds

• Silver stabilizes above $37.85 after bouncing from weekly low at $37.50.
• RSI signals strong momentum; bulls eye resistance at $38.50 and $39.12.
• A drop below $37.00 may trigger a pullback toward $36.78 and $36.00 levels.

Silver price advances as Thursday's North American session begins, up by 0.07% after printing gains of over 0.50% on Wednesday, courtesy of weaker-than-expected data that pushed precious metals higher. At the time of writing, XAG/USD is trading at $37.90, which is below the $38.00 figure.

XAG/USD Price Forecast: Technical outlook

Silver is upward biased even though the precious metal dipped to a weekly low of $37.50 before stabilizing above $37.85. Momentum-wise, the Relative Strength Index (RSI) is upwardly biased, indicating that buyers are in control.

That said, if XAG/USD climbs past $38.00, this clears the path for further gains. The next resistance would be the $38.50 figure, followed by the year-to-date (YTD) high of $39.12, ahead of $39.50 and $40.00.

Conversely, if Silver slides below $37.00, sellers could drive prices toward the 20-day SMA at $36.78, before testing the $36.00 figure.

XAG/USD Price Chart - Daily