• Silver is up 0.47%, just below Monday's eight-year high of $32.51.
  • Strong upward momentum continues; RSI suggests further gains possible despite overbought conditions.
  • Resistance levels at $32.51, $33.00, and October 2012 high of $35.40.
  • Supports at May 20 low of $30.95, April 12 high of $29.79, and $28.00 psychological level.

Silver's price advanced 0.47% on Tuesday but remains trading below a significant eight-year high reached on Monday at $32.51. At the time of writing, the XAG/USD is at $31.96 after hitting a daily low of $31.80.

XAG/USD Price Analysis: Technical outlook

The grey metal remains upward biased even though it failed to crack the year-to-date (YTD) high of $32.51. Although the Relative Strength Index (RSI) is overbought, momentum is on the side of the buyers. Due to the uptrend's strength and speed, RSI remains shy of reaching overbought levels under strong trending conditions. In a strong uptrend, the RSI is considered overbought at 80.00.

With that said, if XAG/USD clears $32.51, further upside is seen as Silver’s next resistance emerges at $33.00. A breach of the latter could expose October’s 2012 high of $35.40.

Conversely, if Silver drops below the May 20 daily low of $30.95, further losses lie ahead. The next demand zone would be the April 12 high of $29.79, followed by the psychological figure of $28.00.

XAG/USD Price Action – Daily Chart

XAG/USD

Overview
Today last price 31.98
Today Daily Change 0.16
Today Daily Change % 0.50
Today daily open 31.82
 
Trends
Daily SMA20 28.02
Daily SMA50 27
Daily SMA100 24.97
Daily SMA200 24.13
 
Levels
Previous Daily High 32.51
Previous Daily Low 30.95
Previous Weekly High 31.6
Previous Weekly Low 27.97
Previous Monthly High 29.8
Previous Monthly Low 24.75
Daily Fibonacci 38.2% 31.92
Daily Fibonacci 61.8% 31.55
Daily Pivot Point S1 31.01
Daily Pivot Point S2 30.19
Daily Pivot Point S3 29.44
Daily Pivot Point R1 32.57
Daily Pivot Point R2 33.33
Daily Pivot Point R3 34.14

 

 

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