Around the intraday high, silver remains on the offensive.
Sustained trade above the 200-day moving average, with a strong RSI supporting additional gains.
For fresh entry, sellers must defy the channel formation.
During Friday’s Asian session, silver (XAG/USD) climbs 0.20 percent on the day, hovering around the intraday high of $26.45. The white metal remains bid inside a one-week-old rising trend channel formation as a result of this.
The steady RSI line, which is not overbought, as well as the successful trading above the 200-HMA, are also in favor of commodity buyers.
As a result, further gains towards the channel’s $26.60 resistance can’t be ruled out. However, the RSI may have turned overbought before then, triggering a drop in the price; if not, the monthly high of $26.77 will be the target.
If silver buyers take control above $26.77, early June’s low near the $27.00 round figure should be actively monitored for more bullish catalysts.
On the other hand, the 200-HMA and the stated channel’s support, which are both near $26.15 and $26.05, respectively, and are quickly followed by the $26.00 round figure, could put a stop to the short-term falls.
A definite drop below $26.00, on the other hand, will quickly drive silver prices towards June’s low of $25.55.
Expect more gains in the future./n
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