Silver Price Outlook: Bearish crossover approaches as sellers target $70
Silver Price Update: Market Trends and Technical Analysis
The value of silver continued to decline on Tuesday, unable to surpass the $75.00 threshold. The 20-day simple moving average has now slipped beneath the 100-day average, signaling increasing momentum among sellers. Currently, XAG/USD is trading at $72.24, marking a decrease of 0.69%.
Technical Overview for XAG/USD
On April 2, silver dropped below its 100-day simple moving average, intensifying the downward movement toward $69.58. Although the price rebounded slightly and ended the session above $70.00, upward progress remains restricted by resistance at $74.00. The market has seen consecutive days of lower highs, reinforcing the dominance of sellers.
The Relative Strength Index (RSI) also points to growing bearish sentiment, as it remains below the neutral 50 mark.
If the downward trend continues, sellers will need to push the price beneath the $70.00 psychological barrier. Breaking this level could pave the way for a retest of the April 2 low at $69.58, and potentially the February 6 swing low at $64.10.
On the other hand, resistance is expected near the intersection of the 20- and 100-day SMAs, around $75.11–$75.14. Should buyers regain strength, the next target would be the March 3 daily low, which now acts as resistance at $77.98.
XAG/USD Daily Price Chart
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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