Relevance up to 04:00 2024-12-17 UTC--5
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Silver begins the new week on a subdued note, consolidating last week's pullback and trading near the 100-day Simple Moving Average (SMA)
Technical Outlook
- Bearish Trigger:A decisive move below the 100-day SMA would be viewed as a new trigger for bearish momentum, especially following last week's rejection near the horizontal resistance at $32.30. Given that daily chart oscillators have shifted into negative territory, the XAG/USD pair appears vulnerable. A decline could extend below the psychological level of $30.00, potentially testing November's lows around $29.63.
- Resistance Levels:On the other hand, any recovery attempt will encounter strong resistance near the psychological $31.00 level. However, sustained strength beyond this level could spark a short-covering rally, lifting XAG/USD toward the horizontal barrier at $31.75, close to the 50-day SMA. Momentum could further extend to the $32.00 round level, with an eventual test of last week's monthly high near the $32.30 level.
Silver traders should monitor these key levels for potential breakout or reversal scenarios as the week progresses.
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