Silver Price Analysis: XAG/USD rally continues amid demand of precious metals

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.

Christian Borjon Valencia FXStreet

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

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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