Image Source:
Silver price consolidates for the second straight day, prints back-to-back doji’s a sign that neither buyers nor sellers control the grey’s metal price action. At the time of writing, XAG/USD trades at $30.69, virtually unchanged, as the Wednesday Asian session commences.
XAG/USD Price Forecast: Technical outlook
Silver has been subdued during the last few days as traders brace for the Fed’s decision.Momentum remains bullish, as portrayed by the Relative Strength Index (RSI), but its slope turned flat, hitting indecision amongst investors.If XAG/USD clears the current week’s high of $31.09, this could underpin Siver’s to challenge the July 11 high at $31.75 ahead of the year-to-date (YTD) high of $32.51. On the other hand, if Silver drops below the September 17 daily low of $30.52, it would expose the September 13 low of $29.86, followed by the 100-day moving average (DMA) at $29.36, followed by the 50-DMA at $28.98.
XAG/USD Price Action – Daily Chart
More By This Author:Gold Price Rises As Fed 50 Bps Rate Cut Expectation Intensify GBP/USD Price Forecast: Hits Five-Day Peak Above 1.3200 Gold Gains Traction Ahead Of US CPI Data
