Silver (XAG/USD) is holding firm above the $47.00 mark on Friday, consolidating after touching a fresh 14-year high of $48.05 in the previous session. At the time of writing, the metal trades near $47.10 per troy ounce during Asian hours, with technical indicators pointing to continued bullish momentum despite signs of overbought conditions.
Technical signals favor upside but warn of overbought risk
The daily chart shows silver moving higher within an ascending channel, reinforcing the bullish bias. XAG/USD is also trading above its nine-day Exponential Moving Average (EMA), reflecting strong short-term momentum. At the same time, the 14-day Relative Strength Index (RSI) sits above 70, suggesting overbought territory and raising the risk of corrective pullbacks.
Resistance levels to watch
On the upside, the immediate target lies at the channel’s upper boundary near $48.70. A decisive breakout above that level would strengthen bullish conviction and pave the way toward the psychological milestone of $50.00 per ounce.
Support levels in focus
Initial support is seen at $47.00, followed by the nine-day EMA at $46.02. A sustained drop below these levels could expose the channel’s lower boundary around $43.70. Further weakness would undermine the broader bullish trend and bring the 50-day EMA at $41.55 into play.
