XAG/USD rises nearly 3% after clearing key moving average resistance at $62.13, nearing multi-week highs.
Silver prices climbed nearly 3% as XAG/USD broke above its 50-day Simple Moving Average at $62.13, reclaiming the $63.00 mark. The rally faces immediate resistance at $63.28, last tested on July 6.
Prior to this move, silver had struggled below the 50-day SMA for several sessions, with support holding near $60.00. The breakout suggests renewed bullish momentum, though traders await confirmation above $63.28 to target $65.00.
Market focus remains on macroeconomic cues, including USD strength and industrial demand trends, which have historically influenced silver’s price action.