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Silver extends gains as XAG/USD eyes the 100-day SMA

XAG/USD was around $68.18, with the 100-day SMA near $68.51 acting as the next hurdle.

Reported · Written up by our desk · Major Pairs

Silver prices extended their rally on Thursday, pushing XAG/USD up more than 1.70% to about $68.18. The move comes as US yields first retraced, then resumed higher after a US Treasury bond buyback announcement, according to FXStreet.

In technical terms, the near-term uptrend remains intact as silver approaches its 100-day Simple Moving Average at $68.51. Momentum indicators stay bullish, with the Relative Strength Index above the 50-neutral level and nearing overbought territory.

FXStreet said silver would likely need to reclaim the 100-day SMA to reinforce the bullish bias. If buyers succeed, the next resistance is the $70.00 level, followed by the 200-day SMA near $71.97, with $75.00 the next psychological area to watch.

On the downside, XAG/USD first support is the day’s low at $65.64, and further levels are the August 19 swing low at $62.19 and the 50-day SMA at $61.35.

Latest closeSilver $59.48 ▼0.7%

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