Silver Price Analysis: XAG advances but stalls at technical confluence near $75
- Silver trades near the confluence of 20- and 100-day SMAs around $75.60.
- RSI remains bearish, suggesting downside risks despite recent rebound.
- Break below $75 exposes $72.61 and $69.82 support levels.
Silver (XAG/USD) price edges up over 0.50% during Friday’s session, after bouncing off a daily low of $73.95. Speculation about a resumption of negotiations between Washington and Tehran is cheered by investors, which pushed US equities higher in tandem with the precious metals segment. At the time of writing, the XAG/USD pair trades at $75.83,
XAG/USD Price Analysis: Technical outlook
Technically, Silver is poised to consolidate within the 20- and 100-day Simple Moving Averages (SMAs), both at $75.64. Worth noting that since bottoming at around $61.02 on March 23, the white metal continued to record higher lows, an indication that the uptrend might continue.
However, the latest uptrend impulse peaked at around $83.05, with sellers outweighing buyers, pushing prices towards $75.00.
From a momentum standpoint, further losses are expected as the Relative Strength Index (RSI) is bearish.
For a bearish continuation, sellers must clear the $75.00 mark, followed by the April 13 daily low of $72.61. On further weakness, the next stop would be the April 7 daily log of $69.82.
On the flip side, buyers must reclaim the 100-day SMA, immediately followed by the 50-day SMA at $78.57. Above this confluence, the next resistance is the $80.00 psychological figure.
XAG/USD Price Analysis: Technical outlook
