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21.10.2024 01:38 PM
Today, silver continues to rise, approaching a 12-year high.
Now, the bulls aim to extend the uptrend beyond the key level of $34.00.
Looking at the broader picture, the strong breakout on Friday above the $33.00 level and the $32.50 supply zone acted as a new trigger for the bulls. However, the RSI on the daily chart has climbed above the 70 mark, indicating slight overbought conditions. Therefore, it would be prudent to wait for a short-term consolidation or a moderate pullback before confirming the continuation of the uptrend.
A mild corrective decline could present a buying opportunity, likely limited by the $33.00 level. However, a decisive break below this level could prompt further selling pressure, pulling the XAG/USD pair back to $32.50, with the potential to reach the $32.00 level, which would serve as a key pivot point. If this level is broken, the trend may shift in favor of the bears, potentially reversing the current bullish momentum.
On the other hand, the nearest resistance is around $33.48, above which the XAG/USD pair may attempt to reclaim the psychological level of $35.00. The momentum could extend higher, approaching the October 2012 peak in the $35.35-$35.40 range.
Nevertheless, the technical situation requires caution for bullish traders, keeping the RSI in mind.
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