Silver Price Outlook: XAG/USD hovers near $73.50; remains at risk beneath the 200-EMA

Silver Price Outlook: XAG/USD Faces Continued Pressure

Silver (XAG/USD) is experiencing further declines during Thursday's Asian trading session, following a slight retreat from its weekly peak. The precious metal is currently trading just below the mid-$73 range, marking a 2% drop for the day and showing signs of potential additional weakness.

Recent price action saw XAG/USD unable to break above the key 200-period Exponential Moving Average (EMA) on the 4-hour chart, and it has since slipped beneath the 38.2% Fibonacci retracement level from the March downturn. Technical indicators also suggest bearish momentum: the Relative Strength Index (RSI) is near a neutral 48.18, while the Moving Average Convergence Divergence (MACD) has edged below zero, with its histogram showing signs of decreasing strength. These factors indicate that the likelihood of an immediate rebound is diminishing.

Looking at resistance levels, the first barrier is the 38.2% Fibonacci retracement at $74.53. The 200-period EMA at $76.76 provides additional resistance, with the 50.0% retracement at $78.68 acting as a further ceiling. On the support side, the 23.6% Fibonacci retracement at $69.41 is expected to offer initial support, followed by a more significant base near the cycle low of $61.12.

This technical analysis was prepared with assistance from an AI tool.

XAG/USD 4-Hour Technical Chart Overview