Silver Soars! Is XAG/USD Ready to Break Through the $79 Level?
Silver (XAG/USD) continued its positive trend on Tuesday, posting gains for the second consecutive day. The white metal reached a one-week high ahead of the European session, with buyers attempting to push the price above the crucial round figure of $79.00. This momentum indicates strong buying interest from investors and the potential for further upside in the near term.
Overnight's price action broke through the 100-hour Simple Moving Average (SMA), while an intraday break above the $78.00 barrier served as a key trigger for buying. Technical indicators support this trend: the MACD is above the signal line with a widening histogram, signaling strengthening bullish momentum. Meanwhile, the Relative Strength Index (RSI) is at 71.20, indicating overbought conditions that could limit short-term upside.
The short-term bias remains to the upside as long as the price remains above the SMA. A positive MACD and a widening histogram support an extension of the uptrend, although an RSI above 70 indicates that momentum is already quite strained. Analysts believe a slight decline towards $76.33 could help alleviate overbought pressure and maintain a healthier bullish momentum.
Furthermore, the 100-hour moving average (SMA) at $74.45 remains a key support level for silver. As long as the price remains above this level, the uptrend is likely to continue, providing investors with an opportunity to maintain long positions while monitoring for a break above $79.00. The market is now waiting to see whether the silver metal can maintain its strength or whether it will undergo a brief correction. (az)
Source: Newsmaker.id
