XAG/USD rises 1.25% but remains range-bound near $60, with technical indicators suggesting a possible test of higher resistance levels.
Silver (XAG/USD) extended its gains for a second day, climbing over 1.25% but staying below the $60 mark. The metal has traded sideways between $55.70 and $60 for five consecutive days, with momentum indicators hinting at a potential upward breakout.
The Relative Strength Index (RSI) remains bearish despite recent upward movement, suggesting a possible bounce toward the $60 resistance. A break above this level could open the path to the 200-day Simple Moving Average at $69.80 and the $70 milestone. Downside risks persist, with support at $55.70 and $54.39.
Investors continue to monitor silver as a hedge against inflation and portfolio diversifier, though physical and ETF trading remain key drivers of price action.