- Silver price hit a fresh all-time high of $94.15 on Monday.
- The 14-day Relative Strength Index at 72.65 signals overbought conditions.
- XAG/USD stays above rising short- and medium-term averages, indicating bullish control.
Silver price (XAG/USD) gains ground after two days of losses, reached fresh record high of $94.15 during earlier hours. Currently, the Silver price is trading around $$93.70 per troy ounce during early European hours on Monday. The technical analysis of the daily chart timeframe suggests the price of the precious metal remains within an ascending channel pattern, indicating a sustained bullish bias.
The 14-day Relative Strength Index (RSI) at 72.65 is overbought, pointing to stretched momentum that could shift into consolidation. RSI stays above 70, confirming strong momentum yet warning of limited upside without pause.
The nine-day Exponential Moving Average (EMA) slopes higher and stands well above the 50-day EMA, confirming an entrenched uptrend. The strong separation between averages supports the bullish bias. Price action remains above short- and medium-term averages as both slopes rise, keeping bulls in control.
On the upside, the Silver price could test the upper boundary of the ascending channel around $96.80, followed by the psychological level of $97.00
The initial support lies at the nine-day EMA of $87.05; a break would encourage a pullback toward the lower ascending channel boundary around $79.10. A daily close below the channel would expose the 50-day base at $69.23.
