Silver Price Forecast: XAG/USD hits fresh highs at $45,00 ahead of US GDP  

• Silver bounced and resumed its uptrend on Thursday to hit fresh long-term highs at $45.00.
• Safe-haven demand amid ongoing geopolitical concerns is supporting precious metals.
• XAG/USD is at overbought levels after rallying nearly 17% over the last three weeks.

Silver's (XAG/USD) has resumed its bullish trend on Thursday, reaching fresh multi-year highs at $44,90 so far. The precious metal has drawn some support from a stalled US Dollar's recovery, with investors cautious ahead of the final reading of the Q2 US GDP and a slew of speeches from Fed policymakers due later in the day.

Precious metals are trading higher as ongoing geopolitical tensions in Europe and the Middle East keep weighing on risk appetite. Denmark has been forced to close some of its main airports today amid reported "coordinated drone attacks," with Russia emerging as the main suspect.

Technical Analysis: Silver is back to overbought levels

With today's rally, the XAG/USD pair reaches levels nearly 17% above late August lows, and such steep rallies tend to come to an end. The Relative Strength Index has reached oversold levels at most time frames, which hints at a potential correction.

On the upside, a trendline resistance right above $45,00 level might challenge bulls. Above here, the 261% Fibonacci retracement of the 16-17 September pullback, at $46.10, emerges as the next potential target.

To the downside, immediate support is at the previous highs of $44.50 (September 23 high), ahead of the September 23 and 24 lows, at $43.65, and the September 16 high, at the $43.00 area.