Photo by Zlaťáky.cz on Unsplash

Silver price rallies sharply more than 8% on Monday, as geopolitical tensions and broad US Dollar weakness, pushes the grey metal to record highs, past $110,00, hitting a record high of $117.73 shy of challenging the $120.00 mark. At the time of writing XAG/USD trades at $112.40.

XAG/USD Price Forecast: Technical outlook

The non-yielding metal remains upward biased even though the Relative Strength Index (RSI) is overbought, yet it remains shy of reaching the most extreme conditions. Nevertheless, the more volatile and vertical upward moves in Silver increases the chances for a pullback.

If XAG/USD clears $120.00 per troy ounce, this opens the door for challenging the $130.00 mark. On further strength, $150.00 is up next. Conversely, initial support is seen at $100.00. IF cleared the next demand zone would be the January 23 daily low of $96.14, before Silver’s dives toward the $90.00 region.

XAG/USD Price Chart – Daily

(Click on image to enlarge)

Silver Daily Chart

More By This Author:

EUR/USD Soars Above 1.1800 As Yen Intervention Rumors Slam Dollar
Gold Rockets To $4,988 As USD Crashes On Yen Intervention Rumors
GBP/USD Jumps Above 1.3540 As UK Retail Sales, PMIs Surprise Higher