13 July 2024
Silver prices have surged over 2%, breaking through key resistance levels and confirming a ‘double bottom’ chart pattern. This bullish momentum, fueled by weaker-than-expected US inflation data, has pushed the XAG/USD to $31.40, a six-week high. The breakout above the $30.73 neckline has opened the door for further gains, with potential targets at $31.75, $32.00, and the year-to-date high of $32.51. The Relative Strength Index (RSI) supports this upward trend. However, key support levels at $31.00, $30.73, and $29.82/79 remain crucial for potential pullbacks. This price action has reignited discussions about potential Federal Reserve monetary policy easing.