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

Silver Eyes Potential Rally, Forms Double-Bottom at $37.31 Support Level
Market Pauses on Doji Candle Amid Low Volume from US Holiday
Key Resistance Levels for Silver at $37.49 and $38.00, Support at $36.00

Silver prices remained steady at $36.84 on Friday, showing little change due to reduced trading activity while US markets observed a holiday. The trading atmosphere was slightly negative, influenced by developments in the US trade war, which took prominence after the passage of significant legislation.

XAG/USD Price Forecast: Technical Analysis

Technically, silver is showing signs of consolidation with a bullish undertone, marked by a double-bottom pattern. The appearance of a doji candlestick indicates a pause in price movement, with traders focusing on overcoming resistance at the year-to-date high of $37.31.

The Relative Strength Index (RSI) suggests bullish momentum, indicating that silver prices may continue to rise. Critical resistance levels to monitor include $37.00, the year-to-date high, followed by $37.49 and $38.00. Conversely, a drop below $36.00 could lead to further declines towards $35.82, and potentially down to $35.00, challenging the 50-day Simple Moving Average (SMA) at $34.39.