XAG/USD jumps 4.5% to five-day highs, testing a downtrend resistance line near $59.65 with $60.00 in sight.
Silver prices surged over 4.5% on Tuesday, pushing XAG/USD to a five-day high above $59.00 as buyers targeted a critical downtrend resistance line near $59.65. The move sets the stage for a potential breakout toward $60.00, a key psychological level.
The Relative Strength Index (RSI) indicates growing bullish momentum, with immediate resistance at $59.75. A break above $60.00 could open the path to the 50-day Simple Moving Average at $66.89 and the June 22 peak of $67.17. Support levels lie at $56.11, $55.00, and $54.39.
Traders are watching the resistance trendline closely, as a sustained break could signal a broader recovery in silver prices after recent declines.