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Silver jumps more than 3% as the dollar weakens

XAG/USD rebounded from $65.31 to about $68.00, with the 100-day SMA at $67.17 cleared and first resistance seen at $70.00.

Reported · Written up by our desk · Precious Metals

Silver prices turned higher on Wednesday, with XAG/USD rising more than 3.4% as the greenback weakened and the metal traded around $68.00 after rebounding from $65.31, according to FXStreet.

FXStreet said the move puts the confirmation of a bearish head-and-shoulders pattern on hold, a setup that has been forming since mid-August. Silver also reached an eight-day high near $68.30, clearing the 100-day Simple Moving Average at $67.17 and leaving key technical resistance levels in focus.

The outlet added that Relative Strength Index remains bullish and has cleared a prior peak, suggesting buyers are gaining momentum. It flagged $70.00 as the first key resistance, with a break potentially targeting the 200-day SMA near $73.00, then $75.00.

On the downside, FXStreet noted that a bearish continuation would require XAG/USD to fall back below the 100-day SMA around $67.18 and then clear the September 8 low at $65.54. Below that, it identified the $65.00 level and a September 2 swing low near $63.32.

Latest closeSilver $59.48 ▼0.7%

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