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  • XAG/USD finds buyers at 21-DMA, regains $27 mark.
  • The rally resumes as daily technical setup remains constructive.
  • Acceptance above $27.70 key resistance is critical for XAG bulls.

Silver (XAG/USD) has resumed its bullish momentum, extending Thursday’s rally above the $27 mark to reach fresh three-week highs.

The XAG bulls regain poise after finding solid support at the 21-daily moving average (DMA) at $25.88.

In a fresh spurt of buying, the white metal took out Thursday’s high at $29.97, as its journey towards the horizontal trendline resistance (orange) at $27.70 comes to life once again.                                                               

Silver Price Chart: Daily 

 

The buyers need to find a strong foothold to extend the upside towards the record highs of $29.86.

The Relative Strength Index (RSI) has turned flat but holds well within the bullish region, suggesting that there is more room to the upside.  

On the flip side, acceptance above the 21-DMA could expose the critical 50-DMA support at $25.19, below which the 100-DMA cap at $24.82 could be challenged.

Silver Additional levels