Silver Price Surges Past Key Resistance

The Silver price has surged nearly 3% as it cleared its 50-day Simple Moving Average (SMA) at $62.13 and reclaimed the $63.00 figure.

Despite struggling to surpass key resistance seen at $63.28, the July 6 high, bulls are gaining traction in the market, with the Relative Strength Index (RSI) crossing above its 50-neutral level and poised to hit the overbought 70 level.

This technical analysis suggests that Silver could test higher prices once it crosses the $65.00 mark, breaching which will expose the 100-day SMA at $68.98 before testing the psychological $70.00 mark.