Silver Price Forecast: Bullish Momentum Builds as Dollar Weakens
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Key Points:
- A weaker U.S. dollar has helped silver extend its advance for a third consecutive week.
- A break above $72 could open the path toward the key $90 resistance.
- A U.S. Dollar Index break below 96 could provide further support for silver prices.
Silver (XAG) enters the new week with positive momentum after recording the third straight weekly gain. The drop in the U.S. dollar toward a three-month low has supported the rally in silver. In my view, this strong rally after the bottom formation process creates bullish conditions for silver. This article presents the technical structures for the US dollar, silver and the silver to gold (XAU) ratio to determine the next move in silver.