XAG/USD rises over 7.4% this week as investors favor precious metals amid US fiscal concerns and dollar strength.
Silver prices climbed for a third consecutive session, trading at $69.50 after hitting a high of $70.02, marking a weekly gain of more than 7.4%. The rally persists despite a firm US Dollar, driven by flight-to-quality demand amid uncertain fiscal conditions.
Technical indicators remain bullish, with traders targeting a breakout above $70.00. A sustained move could push prices toward the 200-day Simple Moving Average at $72.05, with $75.00 as the next key level. Support lies at the 100-day SMA of $68.47, followed by $65.64 and $62.19.
The Relative Strength Index (RSI) stays above 50, nearing overbought territory, signaling continued upward momentum.