Silver Price Analysis: XAG/USD rallies to new YTD highs, nearby $26.00
- Silver price is poised for upward momentum, above $26.00.
- The rate of Change (RoC) remains bullish, but the RSI portrays XAG as overbought.
Silver price advanced to a new YTD high at $25.96, though it fell short of cracking the $26.00 figure, which would have opened the door towards testing, last year’s peak, nearly $27.00. At the time of typing, the XAG/USD is trading at $25.76 after hitting a low of $25.39.
XAG/USD Price Action
After registering a YTD high on Wednesday at around $25.66, the XAG/USD has extended its rally toward $25.96. Although it failed to break above the $26.00 figure, the XAG/USD remains controlled by buyers and might brace to April 16, 2022, swing high at $25.87 before re-challenging the $26.00 mark.
If XAG/USD breaks above $26.00, it will exacerbate a rally toward April 18, 2022, high at $26.21 before testing the 2022 yearly high at $26.94. Conversely, if the XAG/USD extends its losses past $25.50, the white metal might pull back toward the April 5 high at $25.13 before sliding toward $25.00.
Oscillators suggest that Silver is overbought, as shown by the Relative Strength Index (RSI). But due to the strength of the uptrend, a jump above 80 suggests the asset might consolidate as the RSI exits overbought conditions. The Rate of Change (RoC) is still bullish, although it flashed that buying pressure is fading.