Silver Price Eyes All-Time High as Bullish Momentum Builds

Silver price (XAG/USD) is trading around $84.30 per troy ounce, gaining ground for the second consecutive day. The technical analysis suggests the precious metal remains within an ascending channel pattern, indicating a sustained bullish bias.

The 14-day Relative Strength Index (RSI) at 70.66 signals overbought conditions, which could prompt near-term consolidation. However, silver holds well above the nine-day Exponential Moving Average (EMA) and the 50-day EMA, keeping the bullish bias intact.

Key levels to watch:

- Resistance: Record high of $85.87, followed by the upper boundary of the ascending channel around $88.40

- Support: Nine-day EMA of $77.94, followed by the lower ascending channel boundary around $76.40

According to analysts, silver's bullish momentum is driven by its industrial demand and potential hedge against inflation. Investors should monitor the RSI for signs of consolidation and keep an eye on the ascending channel pattern for further direction.