Image Source: Pixabay

Silver (XAG/USD) price extended its gains on Tuesday and refreshed its previous all-time high of $60.57 hit earlier, gaining more than 4% on the day and, so far, 110% year to date. At the time of writing, XAG/USD trades at $60.65 after reaching $60.75, the current record high for the grey metal.

XAG/USD Price Forecast: Technical outlook

The technical picture suggests further upside is seen, with $61.00 as the next key resistance level. Nevertheless, a negative divergence emerged, as Silver’s trend up respected the successive series of higher lows and higher highs, while the Relative Strength Index (RSI) failed to clear the highest high, an indication of a negative divergence.

If XAG/USD clears $61.00, the next key resistance levels would be $61.50 and $62.00. Conversely, Silver’s drop below $60 would expose the December 4 swing low of $56.49, ahead of extending its losses towards the October 17 high turned support at $54.46.

XAG/USD Price Chart – Daily

(Click on image to enlarge)

XAG/USD daily chart

More By This Author: