Silver Price Analysis: XAG/USD advances above $66.00, but below key resistance in broader downtrend
Silver (XAG/USD) rises to around $66.35 during the early European trading hours on Monday. The precious metal attracts some buyers amid progress of US-Iran peace deal, easing tension in the Middle East.
Mediators Qatar and Pakistan said on Monday that the first round of negotiations between the US and Iran to reach a final deal to end the war has ended with "encouraging progress,” per BBC. The negotiation began on Sunday in Switzerland, after last week's initial agreement between the US and Iran. Technical talks will continue throughout the week.
Technical Analysis:
In the daily chart, XAG/USD remains under pressure, sitting well below the 20-period Bollinger simple moving average and the 100-day moving average (MA), which together suggest a capped market within a broader corrective phase. The Relative Strength Index (14) hovering just above 40 hints at subdued downside momentum rather than outright capitulation, but the price structure favors sellers while spot holds beneath these layered resistances.
On the topside, initial resistance emerges at the Bollinger middle band around $70.18, a recovery above which would ease immediate bearish pressure and open the way toward the June 17 high of $71.56. The next hurdle to watch is the 100-day MA at roughly $76.90. A further extension could test the upper Bollinger band near $78.55. On the downside, the lower Bollinger band around $61.80 offers the next meaningful support, and a break below this floor would expose the June 11 low of $61.50.
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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