Silver Rallies Above $62 as Momentum Continues
Silver prices have been on an upward trend, extending their rally for the second consecutive day. The white metal has broken through its previous high of July 7, reaching the $62.00 neighborhood during the early European session.
The key triggers for this breakout include a move above the 200-period Simple Moving Average (SMA) on the 4-hour chart and a breach of the two-week-old trading range hurdle near the $60.00 psychological mark.
Technical indicators such as the Relative Strength Index (RSI) at 73.53 signal overbought conditions, while the Moving Average Convergence Divergence (MACD) remains positive, indicating strong upside momentum.
However, any subsequent move beyond $62.00 is likely to face resistance near the 23.6% Fibonacci retracement level of the May-July decline at $62.92. A sustained break above this hurdle could expose higher Fibo barriers at $67.98 and $72.08.
Initial support for Silver lies near the 200-period SMA at $59.04, ahead of the Fibonacci anchor near $54.73.