Been watching XAG/USD pretty closely lately and silver's been on quite a run. It's sitting around $80 now, which is the highest we've seen it in about a month. The dollar weakness is definitely helping here—DXY dropped to near 98.10, hovering around six-week lows, so that's been a tailwind for non-dollar assets.

What's interesting is that XAG/USD has rallied for eight straight sessions. Some of that's riding on hopes for US-Iran diplomatic progress, which is easing some of the geopolitical risk premium. That said, the buying interest doesn't feel super strong. Feels like a lot of traders are sitting on their hands waiting to see if tensions actually ease before pushing higher.

Looking at the 4-hour chart, XAG/USD is moving through a nice ascending channel with higher highs and lows since March lows near $61. Price just reclaimed positions above both the 100 and 200-period SMAs, which is bullish short-term. But here's the thing—we're right at the upper edge of that channel now. If we break and hold above it, next resistance is around $85. If we fail and drop below the 200-period SMA around $77, we could easily slide back to $73.

Technically speaking, RSI is at 68.38, getting close to overbought, and MACD is still positive but momentum looks like it might be fading as we approach channel resistance. ADX at 20.66 suggests the trend is moderate strength, not explosive. Fed's probably staying patient on rates for now while they watch how oil prices and inflation play out. Could be a tricky setup here—upside potential if geopolitical fears ease, but resistance is right there.