Silver (XAG/USD) advanced by over 1.14% on Monday, trading at $61.13 after rebounding from daily lows of $60.36, despite rising US Treasury yields and a 0.26% gain in the US Dollar Index (DXY) [1]. Technical analysis indicates that silver is building a base above the $60.00 level, which increases the probability of a move toward key resistance levels above $64.00 [1]. The Relative Strength Index (RSI) remains bearish but is approaching the neutral 50 level, suggesting strengthening buying interest [1].
If XAG/USD surpasses $62.00, the next resistance targets are the 50- and 100-day Simple Moving Averages at $64.12 and $64.58, respectively, with further psychological resistance at $65.00 and the September 22 high of $67.55, followed by $70.00 [1]. On the downside, a bearish reversal would require a drop below the October 2 low of $59.69, then the August 3 low of $56.57, and finally the July 17 low of $54.77 [1].
The article notes that silver's price is influenced by factors such as US Dollar strength, interest rates, and industrial demand, particularly from the US, China, and India [1]. While the current momentum is neutral, the technical outlook suggests buyers are gaining strength, and a sustained move above $60.00 could attract further bullish interest [1].
CONCLUSION
Silver is showing resilience above the $60.00 mark, with technical indicators pointing to potential gains toward $64.00 if momentum continues. Market participants are watching key resistance and support levels closely, as a break in either direction could set the tone for the next move in XAG/USD.