Silver regains positive traction and reverses a part of Friday’s retracement slide from the YTD peak. The RSI on the daily chart is flashing overbought conditions and warrants caution for bullish traders. Any meaningful slide might continue to attract fresh buyers and is more likely to remain cushioned. Silver catches fresh bids on the first day of a new week and stalls its retracement slide from the vicinity of the $29.80 region, or the highest level since February 2021 touched on Friday.
75 region, below which the XAG/USD could accelerate the fall towards the $27.25 area en route to the $27.00 mark. Some follow-through selling might expose the next relevant support near the $26.35-$26.30 region before the white metal drops to the $26.00 mark and the $25.70-$25.60 resistance breakpoint. On the flip side, sustained strength back above the $28.50 level should allow the XAG/USD to reclaim the $29.00 mark. The momentum could extend further towards the $29.
Commodities Technical Analysis XAGUSD Silver
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