Silver price hits all-time high – technical signals indicate further upside potential

The silver market is experiencing a remarkable upward movement. Early Monday morning, XAG/USD is trading at approximately $84.30 per ounce, continuing its second consecutive day of gains. In the context of the broader gold price forecast, the entire precious metals sector appears robust, with silver acting particularly dynamically.

Technical Configuration: Overbought Signals with Upside Potential

The technical chart setup reveals an ascending channel pattern on the daily chart, emphasizing the prevailing buying dominance. The 14-day RSI stands at 70.66, indicating overbought territory – a signal that short-term profit-taking cannot be ruled out, but also confirms market strength.

The 9-day exponential moving average (EMA) is positioned at $77.94 and acts as the first dynamic support. Below this level, the lower boundary of the rising channel at around $76.40 lies dormant. If this zone is broken, a target at the 50-day moving average of $64.39 opens up.

Resistance Zones and Upside Targets

On the upside, the previous all-time high at $85.87 awaits – a psychologically significant level reached on December 29, 2025. Additionally, the upper channel boundary at approximately $88.40 marks the longer-term bullish door. The 50-day moving average remains below the short-term EMA, confirming the intact upward momentum.

Market Perspective and Risk Factors

Looking at the broader gold price forecast, it can be noted: the current rise in silver prices reflects a broader strength in the precious metals complex. However, the overbought condition in the RSI warrants caution – a short-term consolidation or correction is quite a realistic scenario. A daily closing below the support zone at the confluence of $77.94 would threaten the bullish narrative and give room to the mentioned lower targets.