Silver XAG/USD hits fresh highs $64.00 as the US Dollar languishes

LONDON (December 12) Silver’s (XAG/USD) appreciates for the fourth consecutive day on Friday, consolidating above the $64.00 level at the time of writing after having posted a fresh record high, at $64.62 earlier on the day.

Precious metals remain on a strong footing in a calm market session on Friday, with the US Dollar Index (DXY) pinned near two-month lows. The Fed’s monetary policy stance released on Wednesday has not altered investors’ bets for at least 50 basis points of further rate cuts over the next year, keeping the Greenback under pressure.

Technical Analysis: Silver has reached overbought levels
Silver is struggling to consolidate above $64.00 at the moment of writing, with the next upside target at the mentioned $64.62 session high, and the top of the ascending channel, right above $65.00. Further up, the 261.8% Fibonacci extension of the December 9-10 uptrend is at $68.17.
Thursday’s

To the downside, the pair has found support at the $62.80 intraday level, with the next bearish target at Thursday’s low of $61.44. Further down, the confluence between the December 10 low, near $60.00, and the bottom of the ascending channel, now around $59.85, is a key area for bears.

FXStreet