Silver Price Forecast: XAG/USD Stalls Near $37.00 Amid Holiday Lull, Masking Bullish Setup

Silver Eyes Potential Breakout, Double-Bottom Pattern Suggests Move Above $37.31.
Market Pause Indicated by Doji Candle Amid Thin Trading Volumes on US Holiday.
Resistance Levels at $37.49 and $38.00 in Focus for Silver Bulls; Support Established at $36.00.

Silver prices remained stable at $36.84 on Friday, with minimal movement due to reduced trading volumes as US markets observed a holiday. The trading atmosphere was slightly negative, influenced by developments in the US trade scenario and legislative actions.

XAG/USD Price Forecast: Technical Outlook

Technically, silver is showing signs of a bullish continuation, underpinned by a double-bottom pattern on the charts. Despite this, a doji candle formation indicates a potential pause in the price movement as the market’s focus shifts to significant resistance levels, including the year-to-date high of $37.31.

The momentum remains positive with a bullish Relative Strength Index (RSI), suggesting that silver prices might continue to trend upwards.

Key resistance levels for silver include the immediate $37.00, followed by $37.49 and $38.00. Conversely, a drop below $36.00 could pave the way for further declines towards $35.82 and potentially down to $35.00, before approaching the 50-day Simple Moving Average (SMA) at $34.39.