FxNews—Silver is in a downtrend, below the 100-period simple moving average and inside the bearish flag. However, recent selling pressure drove the Stochastic Oscillator into oversold territory, depicting 25 in the description. This means XAG/USD is saturated from selling pressure, and prices could consolidate near upper resistance levels.
Silver Prices Eye $29.7 as Downtrend Holds Firm
The pivot point is at $31.3, with the 100-period SMA. From a technical perspective, the bear market remains valid as long as Silver prices are below the pivot. After a minor correction, the downtrend will likely extend to $29.7 in this scenario.
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On the other hand, the bear market should be invalidated if the Silver prices exceed the pivot ($31.35). If this scenario unfolds, the prices could extend to $32.35, the September high.