Silver (XAG/USD) price climbs over 3% on Monday even though US Treasury yields rose, with the white metal refreshing seven-week highs at $66.07. At the time of writing, XAG/USD trades at $65.76 with buyers eyeing key resistance levels.
XAG/USD Price Forecast: Technical outlook
In the short term, Silver continues to consolidate after clearing the 50-day Simple Moving Average (SMA) at $61.95, opening the door to further upside. However, the market structure continues to indicate that sellers are in charge unless XAG/USD clears the June 17 cycle high of $71.56, which would open the door to further upside.
Buyers continued to gain momentum, as indicated by the Relative Strength Index (RSI). Hence, the path of least resistance is upwards.
The first key resistance is the 100-day SMA at $68.96. A breach of the latter will expose the psychological $70.00, followed by the 200-day SMA at $71.30. On further strength, the next stop is the April 17 high at $83.06.
Downwards, the first support is the low of the day at $63.28. Once hurdled, the next stop would be the 50-day SMA at $61.95, followed by a support trendline at around $57.50-$57.75.
XAG/USD Price Chart – Daily
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