Silver Prices Eye $64 as Buyers Strengthen
Silver prices (XAG/USD) edged higher by over 1.14% on Monday, despite a rise in US Treasury yields and a 0.26% gain in the US Dollar Index (DXY). The metal is currently trading at $61.13 after recovering from an intraday low of $60.36.
Technical analysis suggests a potential bottom formation, with silver holding above $60.00, increasing the likelihood of a bounce toward key resistance near $64.00. The Relative Strength Index (RSI) remains bearish but is nearing the 50-neutral level, indicating strengthening buyer interest.
If XAG/USD surpasses $62.00, the next target could be the area around the 50- and 100-day Simple Moving Averages (SMAs) at $64.12 and $64.58, respectively. Beyond that, key resistance levels include $65.00, the September 22 high of $67.55, and $70.00.
Conversely, a bearish reversal would require silver to drop below the October 2 low of $59.69, followed by the August 3 low of $56.57, and the July 17 low of $54.77.