Silver prices (XAG/USD) extended their bullish momentum on Friday, surging to a new all-time high at $67.46. The rally comes despite firm U.S. Treasury yields and a resilient U.S. Dollar, highlighting the strength of demand for the precious metal even in the absence of major market catalysts.
The primary macro input influencing sentiment was the latest U.S. Consumer Sentiment survey from the University of Michigan. The report revealed that U.S. households are cutting back on spending for durable goods and growing increasingly concerned about labor market conditions. These signals have reinforced silver’s appeal as a defensive asset amid rising economic uncertainty.
XAG/USD technical outlook
From a technical perspective, price action continues to favor further upside in silver. Buyers appear to be targeting the $68.00 psychological level as the next near-term objective. Momentum indicators strongly support the bullish case, with the Relative Strength Index (RSI) firmly in overbought territory and maintaining a positive slope, suggesting sustained buying pressure.
However, a corrective pullback cannot be ruled out. Should XAG/USD slip below the $67.00 level, initial support is seen at the December 19 low near $64.50. A deeper decline could expose the December 12 swing low at $60.82, followed by the key psychological support at $60.00.
XAG/USD daily chart
Overall, silver remains technically strong, with bulls firmly in control for now. As long as prices stay above former resistance-turned-support levels, the broader trend continues to point higher, despite the risk of short-term consolidation.
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