Silver (XAG/USD) edges higher after showing some resilience below the $75.00 psychological mark and, for now, seems to have snapped a two-day losing streak to a one-month low, touched the previous day. The white metal currently trades just below mid-$76.00s, up nearly 1.5% for the day, though the technical setup warrants caution before positioning for further gains.
Against the backdrop of the recent breakdown through a short-term ascending trend-line, the overnight weakness below the 61.8% Fibonacci retracement level of the February-March move up favors the XAG/USD bears. The Moving Average Convergence Divergence (MACD) indicator (12, 26, close, 9) holds below the signal line and has slipped back under the zero line, suggesting strengthening downside momentum.
Meanwhile, the Relative Strength Index (RSI) rebounds slightly from oversold territory but remains below the 50 mark, which reinforces persistent selling pressure rather than a confirmed bottom. This suggests that the near-term bias seems tilted in favor of bears as long as the XAG/USD remains below the former trend-line support breakpoint. Hence, the upside potential beyond the $76.45 area (61.8% Fibo. level) seems limited.
On the downside, initial support aligns near the recent low around $75.90, followed by the $70.96 area at the 78.6% retracement if the decline extends. A recovery back above $80.30, or the 50.0% retracement level resistance, would be needed to ease the immediate bearish tone and signal that buyers are regaining control.
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