Silver (XAG/USD) price extended its losses on Tuesday as the white metal failed to clear the $75.00 milestone, while the 20-day SMA crossed below the 100-day SMA, an indication that sellers are gaining traction. At the time of writing, the XAG/USD pair trades at $72.24, down 0.69%.
XAG/USD Price Analysis: Technical Outlook
Silver's fall below the 100-day SMA on April 2 exacerbated a move lower, initially toward $69.58, before recovering some ground, pairing some of its losses and closing the day above $70.00. After this, XAG/USD remains capped on the upside by $74.00, registering back-to-back lower highs, an indication that sellers are in charge.
The Relative Strength Index (RSI) further confirms that bears are strengthening, as the index sits below its 50-neutral level.
For a bearish continuation, bears must clear the $70.00 psychological support. A breach of the latter will expose the April 2 $69.58 level, followed by the February 6 swing low at $64.10.
On the upside, key resistance emerges at the confluence of the 20- and 100-day SMAs around $75.11. On further strength, a move towards the March 3 daily low turned resistance at $77.98 is on the cards.
XAG/USD Price Chart — Daily
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