XAG/USD rises nearly 3% after clearing key moving average resistance, signaling potential for further gains.
Silver prices climbed nearly 3% as XAG/USD broke above its 50-day Simple Moving Average at $62.13 and reclaimed the $63.00 mark. The move follows a struggle to surpass resistance at $63.28, the July 6 high, but bullish momentum is building.
The Relative Strength Index crossed above its 50-neutral level, approaching overbought territory. Analysts suggest a push past $65.00 could open the door to the 100-day SMA at $68.98 and the psychological $70.00 level. Downside risks remain, with support at $60.00 and $56.57 if prices retreat.
Technical indicators point to further upside potential, though traders remain cautious of a pullback before higher levels are tested.