Silver Price Prediction: XAG/USD bulls might await sustained move beyond $30.00 mark
That said, the overnight failure near the $30.00 round figure makes it prudent to wait for some follow-through buying before positioning for a further near-term appreciating move. The XAG/USD might then climb to the $30.55-$30.60 area, or the 78.6% Fibo. level. The momentum could extend beyond the $31.00 mark, towards the $31.30-$31.40 supply zone en route to the July swing high, around the $31.75 region, the $32.00 level and the $32.50 area, or the YTD peak.
On the flip side, the $29.20 area might continue to act as an immediate strong support ahead of the $29.00 round-figure mark. A convincing break below the latter could make the XAG/USD vulnerable to accelerate the slide towards the $28.55 region, or the 38.2% Fibo. level, before eventually dropping to the $28.00 round figure. Failure to defend the said support levels might expose the $27.25 support and the next relevant support near the $27.00 mark.
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