Silver (XAG/USD) attracted fresh buying interest at the start of the new week, recovering part of Friday’s pullback from its all-time high near the $64.65 area. The white metal trades above the mid-$62.00s during Monday’s Asian session, gaining around 1.25% on the day, and appears well positioned to extend its firmly established uptrend.
From a technical standpoint, XAG/USD found solid support near the 100-hour Simple Moving Average (SMA) and rebounded convincingly. The subsequent move back above the psychological $62.00 level reinforces the constructive outlook. That said, neutral momentum indicators on the one-hour chart, along with a slightly overbought Relative Strength Index (RSI) on the daily timeframe, suggest that bullish traders should remain cautious in the near term.
As a result, further upside may initially face resistance around the $63.00 mark. A sustained break above this level could open the door for a move toward the next key hurdle near $63.80. Follow-through buying beyond the $64.00 psychological handle would reaffirm the bullish bias and allow buyers to retest the record high around $64.65.
On the downside, any weakness below $62.00 is likely to attract fresh demand near the 100-hour SMA, currently located around $61.45. However, a decisive break below this support could expose the $61.00 level, followed by the $60.80 zone, which marks Friday’s swing low. A clear move below this area would signal a deeper corrective phase for silver prices.
