Silver Price Analysis: XAG/USD rallies to new YTD highs, nearby $26.00

Silver price advanced to a new YTD high at $25.96, though it fell short of cracking the $26.00 figure, which would have opened the door towards testing, last year's peak, nearly $27.00. At the time of typing, the XAG/USD is trading at $25.76 after hitting a low of $25.39.

XAG/USD Price Action

After registering a YTD high on Wednesday at around $25.66, the XAG/USD has extended its rally toward $25.96. Although it failed to break above the $26.00 figure, the XAG/USD remains controlled by buyers and might brace to April 16, 2022, swing high at $25.87 before re-challenging the $26.00 mark.

If XAG/USD breaks above $26.00, it will exacerbate a rally toward April 18, 2022, high at $26.21 before testing the 2022 yearly high at $26.94. Conversely, if the XAG/USD extends its losses past $25.50, the white metal might pull back toward the April 5 high at $25.13 before sliding toward $25.00.

Oscillators suggest that Silver is overbought, as shown by the Relative Strength Index (RSI). But due to the strength of the uptrend, a jump above 80 suggests the asset might consolidate as the RSI exits overbought conditions. The Rate of Change (RoC) is still bullish, although it flashed that buying pressure is fading.

XAG/USD Daily Chart

XAG/USD Technical Levels