• Silver's rise mirrors growing precious metals interest, fueled by global central bank moves.
  • Overbought RSI hints at consolidation before aiming higher, reflecting market optimism.
  • Upcoming targets: $28.00 resistance, June 2021 peak, signaling potential for more gains.

Silver’s price rose for the second straight day, climbing to $27.80, gaining more than 1% in late trading on Monday’s North American session, even though US Treasury bond yields advanced. Even though speculations that the US Federal Reserve could cut twice instead of three times were no excuse for the grey’s metal advance linked to Gold’s rally. Appetite for precious metals increased as global central banks increased their reserves in Gold.

XAG/USD Price Analysis: Technical outlook

The rally in the precious metals is set to continue, with the grey’s metal set to extend its gains past the $28.00 figure. Although the Relative Strength Index (RSI) suggests that Silver is overbought, it could consolidate at around the $27.00-$28.00 range, before achieving its next leg up.

Stir resistance lies at $28.00, followed by the June 10 , 2021 peak at around $28.28. Further upside is seen at $29.00.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price 27.79
Today Daily Change 0.31
Today Daily Change % 1.13
Today daily open 27.48
 
Trends
Daily SMA20 25.22
Daily SMA50 23.84
Daily SMA100 23.73
Daily SMA200 23.47
 
Levels
Previous Daily High 27.5
Previous Daily Low 26.29
Previous Weekly High 27.5
Previous Weekly Low 24.75
Previous Monthly High 25.77
Previous Monthly Low 22.51
Daily Fibonacci 38.2% 27.03
Daily Fibonacci 61.8% 26.75
Daily Pivot Point S1 26.68
Daily Pivot Point S2 25.88
Daily Pivot Point S3 25.48
Daily Pivot Point R1 27.89
Daily Pivot Point R2 28.3
Daily Pivot Point R3 29.1

 

 

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