Silver (XAG/USD) price trims some of its Monday losses, recovering ground on Tuesday, up 0.69% in the day, trading at $73.22 after bouncing off a daily low of $72.41. An improvement in risk appetite is underpinning the precious metals segment. Still, the white metal remains capped by the 20-day Simple Moving Average (SMA) at $75.94, a crucial level for buyers if they want to challenge the $80.00 figure again.
XAG/USD Price Analysis: Technical outlook
From a technical perspective, further downside is seen as the key 20-, 50- and 100-day SMAs, each at $75.94, $77.77 and $79.52, respectively, stand in the way of the $80.00 psychological figure.
The Relative Strength Index (RSI) is bearish, but sellers are losing momentum as the index approaches the 50-neutral level.
If Silver finishes Tuesday’s session near the week’s lows at around $72.40, expect additional losses. The next support would be the April 29 swing low of $70.86, followed by the $70.00 mark.
Up next, the next area of interest would be the 200-day SMA at $62.52.
XAG/USD Price Chart – Daily
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