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Silver (XAG/USD) price rallies to a new all-time high of $67.46 even though US Treasury yields and the US Dollar remain firm on Friday, amid the lack of catalysts, except for the US Consumer Sentiment poll made by the University of Michigan, which showed that US households are trimming spending on durable goods, and are worried about the jobs market.

XAG/USD Price Analysis: Technical Outlook

Price action suggests further upside in Silver prices, as traders could target $68.00. Momentum is strongly bullish as depicted by the Relative Strength Index (RSI), which is overbought with an upward slope.

Conversely, if XAG/USD slides below $67.00, the first support would be the December 19 low of $64.50. Once surpassed, the next stop would be the December 12 swing low of $60.82 ahead of the $60.00 milestone.

XAG/USD Price Chart – Daily

(Click on image to enlarge)

Silver daily chart

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