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21.10.2024 01:38 PM
XAG/USD. Analysis and Forecast

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Today, silver continues to rise, approaching a 12-year high.

Now, the bulls aim to extend the uptrend beyond the key level of $34.00.

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Looking at the broader picture, the strong breakout on Friday above the $33.00 level and the $32.50 supply zone acted as a new trigger for the bulls. However, the RSI on the daily chart has climbed above the 70 mark, indicating slight overbought conditions. Therefore, it would be prudent to wait for a short-term consolidation or a moderate pullback before confirming the continuation of the uptrend.

A mild corrective decline could present a buying opportunity, likely limited by the $33.00 level. However, a decisive break below this level could prompt further selling pressure, pulling the XAG/USD pair back to $32.50, with the potential to reach the $32.00 level, which would serve as a key pivot point. If this level is broken, the trend may shift in favor of the bears, potentially reversing the current bullish momentum.

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On the other hand, the nearest resistance is around $33.48, above which the XAG/USD pair may attempt to reclaim the psychological level of $35.00. The momentum could extend higher, approaching the October 2012 peak in the $35.35-$35.40 range.

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Nevertheless, the technical situation requires caution for bullish traders, keeping the RSI in mind.

Irina Yanina,
Analytical expert of InstaForex
© 2007-2025
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