XAGUSD has reached above $37 today – its highest level in 13 years, driven by a strong safe-haven and industrial demand combined with supply shortages (XAG is facing its 5th consecutive annual deficit).
All eyes now turn to the Federal Reserve’s rate decision later today.
From the technical point of view, XAGUSD is currently in a strong uptrend, with the price trading above the 21, 50, and 100-day moving averages.
The bullish momentum is supported by a positive MACD crossover and the current price being higher than the sessions open.
However, the RSI at 70.31 indicates overbought conditions, suggesting the potential for short-term pullback or consolidation.
