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

Silver price is poised for upward momentum, above $26.00.
The rate of Change (RoC) remains bullish, but the RSI portrays XAG as overbought.

Christian Borjon Valencia FXStreet

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

XAG/USD

Overview
Today last price	25.77
Today Daily Change	0.27
Today Daily Change %	1.06
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

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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