Silver Price Analysis: Overbought RSI prods XAG/USD run-up towards $26.10-15 hurdle

Silver Price seesaws around 10-week high after two-day winning streak, lacks upside momentum of late.
Clear break of yearly horizontal resistance, bullish MACD signals favor XAG/USD buyers.
Overbought RSI conditions challenge upside targeting double tops marked in April, May.

Anil Panchal FXStreet

Silver Price (XAG/USD) remains sidelined around $25.15 as bulls take a breather after a two-day uptrend at the 2.5-month high amid Thursday’s sluggish Asian session. In doing so, the XAG/USD justifies overbought RSI but stays on the bull’s radar.

That said, bullish MACD signals joined the previous week’s upside break of a horizontal area comprising multiple tops marked since early January, around $24.50-55, to enable the Silver Price to refresh the multi-day top.

With this, the XAG/USD bulls are likely to occupy the driver’s seat unless witnessing a daily closing below $24.50.

Following that, the metal’s downturn toward the 50-DMA level of around $23.60 appears imminent.

However, a convergence of the 200-DMA and an upward-sloping support line from March 10, close to $22.90, will be crucial for the XAG/USD bears to conquer before retaking control.

On the flip side, the $26.00 round figure remains on the radar of intraday Silver buyers before targeting the “double top” formation level of around $26.10-15.

Should the XAG/USD ignores overbought RSI and crosses the $26.15 hurdle, the odds of witnessing a stellar run-up towards the previous yearly high of around $27.00 can’t be ruled out.

Silver Price: Daily chart

Trend: Limited upside expected

Additional important levels

Overview
Today last price	25.15
Today Daily Change	0.01
Today Daily Change %	0.04%
Today daily open	25.14

Trends
Daily SMA20	23.42
Daily SMA50	23.56
Daily SMA100	23.65
Daily SMA200	22.85

Levels
Previous Daily High	25.24
Previous Daily Low	24.94
Previous Weekly High	25.02
Previous Weekly Low	22.75
Previous Monthly High	24.53
Previous Monthly Low	22.11
Daily Fibonacci 38.2%	25.13
Daily Fibonacci 61.8%	25.06
Daily Pivot Point S1	24.98
Daily Pivot Point S2	24.81
Daily Pivot Point S3	24.68
Daily Pivot Point R1	25.27
Daily Pivot Point R2	25.4
Daily Pivot Point R3	25.57

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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