Silver Price Analysis: XAG/USD looks set to reclaim $26.00 despite overbought RSI

Silver price remains firmer around the highest levels in a year, seesaws of late.
Clear upside break of previous key resistance lines, bullish MACD signals favor buyers to aim for April 2022 high.
Overbought RSI can test the XAG/USD bulls around $26.00 round figure.

Anil Panchal FXStreet

Silver price (XAG/USD) clings to mild gains around $25.50-55 during early Thursday as bulls take a breather after refreshing the highest levels in a year the previous day. Also challenging the immediate XAG/USD upside is the overbought RSI (14) line.

However, a clear upside break of the one-week-old descending resistance line, now immediate support near $25.45, joins sustained trading beyond a one-month-old ascending trend line, close to $25.15, to keep the Silver buyers hopeful.

It’s worth noting that the precious metal’s successful U-turn from the previous resistance line from late March, around $25.10 by the press time, also challenges the Silver sellers.

In a case where the Silver price remains downbeat past $25.10, the $25.00 round figure and the 100-SMA support of $23.35 will act as the last defense of the XAG/USD bulls.

On the flip side, the $26.00 round figure may join the overbought RSI (14) to challenge the Silver buyers, a break of which could propel the XAG/USD price towards the April 2022 high of near $26.25.

Following the previous yearly high of around $26.95 and the $27.00 threshold will be in focus.

Overall, the Silver price remains on the bull’s radar despite the latest inaction around the multi-day top.

Silver price: Four-hour chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	25.54
Today Daily Change	0.04
Today Daily Change %	0.16%
Today daily open	25.5

Trends
Daily SMA20	23.62
Daily SMA50	22.38
Daily SMA100	22.85
Daily SMA200	21.19

Levels
Previous Daily High	25.67
Previous Daily Low	25.04
Previous Weekly High	25.14
Previous Weekly Low	23.57
Previous Monthly High	24.16
Previous Monthly Low	19.9
Daily Fibonacci 38.2%	25.43
Daily Fibonacci 61.8%	25.28
Daily Pivot Point S1	25.14
Daily Pivot Point S2	24.78
Daily Pivot Point S3	24.51
Daily Pivot Point R1	25.77
Daily Pivot Point R2	26.04
Daily Pivot Point R3	26.4

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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