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Silver (XAG/USD) prolongs its well-established uptrend through the Asian session on Wednesday and continues scaling new record highs for the fourth consecutive day. The white metal currently trades just below the $72.00 mark, up over 0.50% for the day.

The latest leg up confirms a breakout through a nearly two-week-old ascending channel and could be seen as a fresh trigger for the XAG/USD bulls. Moreover, the commodity holds well above rising moving averages, which fan out and support the bullish structure. Adding to this, the Moving Average Convergence Divergence (MACD) extends above the Signal line and remains in positive territory, with a widening positive histogram that suggests strengthening bullish momentum.

However, the Relative Strength Index (RSI) sits at 82 (overbought), warning that near-term upside could stall. Hence, it will be prudent to wait for some near-term consolidation or a modest pullback before placing fresh bullish bets around the XAG/USD. That said, the moving averages maintain a positive slope and stay stacked beneath price, reinforcing a buy-the-dip tone. The white metal trades above the trend channel resistance, keeping bulls in control while that breakout holds.

A sustained close above the near-term average cluster would keep the topside bias intact. MACD momentum stays constructive in positive territory, consistent with buyers retaining the initiative. RSI remains overbought, so a pullback could retest the former channel cap at $71.24, with additional support aligned at the lower boundary near $67.43. Holding above the reclaimed barrier would preserve the breakout, whereas a failure there could invite a deeper throwback into the channel.
 

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