Silver Price Analysis: XAG/USD bulls take a breather amid slightly overbought RSI

Silver pulls back from a nearly one-year peak touched earlier this Wednesday.
The technical setup still favours bulls and supports prospects for further gains.
Any further slide is likely to support near the $24.40-30 resistance breakpoint.

Haresh Menghani FXStreet

Silver retreats from the $25.10-$25.15 area, or a nearly one-year high touched this Wednesday and erodes a part of the previous day's strong gains. The white metal remains depressed through the early North American session and is currently placed near the lower end of its daily range, around the $24.85-$24.80 region.

From a technical perspective, the overnight sustained move and acceptance above the $24.30-$24.40 strong horizontal barrier was seen as a fresh trigger for the XAG/USD bulls. A subsequent strength beyond the previous YTD peak, around the $24.65 zone, might have already set the stage for an extension of the recent strong upward trajectory witnessed over the past month or so.

The positive outlook is reinforced by the fact that the XAG/USD is holding comfortably above technically significant Simple Moving Averages (SMAs) - 50, 100 and 200-day SMAs. That said, Relative Strength Index (RSI) on the daily chart is flashing overbought conditions and makes it prudent to wait for some near-term consolidation or a modest pullback before placing fresh bullish bets.

In the meantime, any meaningful pullback is likely to attract fresh buyers and remain limited near the $24.40-$24.30 resistance breakpoint, now turned support. This should now act as a pivotal point, which if broken decisively might prompt some technical selling and make the XAG/USD vulnerable to weaken below the $24.00 mark, towards testing the weekly low, around the $23.60-$23.55 area.

Silver daily chart

Key levels to watch

XAG/USD

Overview
Today last price	24.82
Today Daily Change	-0.18
Today Daily Change %	-0.72
Today daily open	25

Trends
Daily SMA20	22.56
Daily SMA50	22.25
Daily SMA100	22.65
Daily SMA200	21.07

Levels
Previous Daily High	25.02
Previous Daily Low	23.83
Previous Weekly High	24.16
Previous Weekly Low	22.83
Previous Monthly High	24.16
Previous Monthly Low	19.9
Daily Fibonacci 38.2%	24.56
Daily Fibonacci 61.8%	24.28
Daily Pivot Point S1	24.21
Daily Pivot Point S2	23.42
Daily Pivot Point S3	23.02
Daily Pivot Point R1	25.41
Daily Pivot Point R2	25.81
Daily Pivot Point R3	26.6

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

EUR/USD shifts its attention to 1.1900 and above

EUR/USD has shaken off Tuesday’s dip, pushing back beyond the 1.1800 mark amid decent gains as Wednesday’s session draws to a close. The rebound is largely driven by a modest pullback in the US Dollar, as markets digest the aftermath of President Trump’s SOTU speech and continue to monitor trade-related headlines and signals from the White House.

GBP/USD challenges multi-day highs near 1.3530

GBP/USD leaves behind the previous day’s decline and regains fresh upside traction on Wednesday, surpassing the 1.3500 barrier in a context of a modest decline in the Greenback and a generalised improved mood in the risk-linked space. Meanwhile, the US tariff narrative continues to dictate the mood among market participants after Presidet Trump’s SOTU speech failed to surprise markets.

Gold remains bid and close to $5,200

Gold buyers are returning to the fold on Wednesday, targeting the $5,200 area and possibly beyond, after Tuesday’s corrective dip from monthly highs. The rebound in the precious metal comes as the US Dollar loses traction, with Trump’s SOTU speech offering little fresh direction and AI-related nerves continuing to ease.

UK financial watchdog advances stablecoin oversight as four firms pilot issuance

The Financial Conduct Authority (FCA) in the United Kingdom (UK) is advancing toward the final stablecoin regulatory framework with a pilot program involving four companies, including Monee, Financial Technologies ReStabilise, Revolut and VVTX.

Nvidia earnings to influence AI trade and broader market sentiment

For the last three years, Nvidia has been the engine of the AI boom, and now Wall Street is watching to see whether that momentum can keep going. High-growth stocks have been struggling to maintain their bullish trend in 2026.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.