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Silver (XAG/USD) trades little changed on Friday, hovering near $48.30 at the time of writing after easing from intraday highs, as the market remains directionless heading into the weekend. The metal has struggled to find fresh catalysts this week, consolidating within a narrow band despite lingering uncertainty in global markets.

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XAG/USD Daily Chart

The metal has been consolidating within a well-defined horizontal range between $46.00 and $49.50 for nearly two weeks, reflecting an accumulation phase following its sharp retreat from the record high of $54.86 reached on October 16.

The 21-day Simple Moving Average (SMA) near $49.46, and the 50-day SMA around $46.32 have become key technical reference points, effectively containing price action and keeping volatility subdued. Momentum indicators echo the neutral tone, with the Relative Strength Index (RSI) hovering near 50 and the Average Directional Index (ADX) around 24, suggesting limited conviction from both bulls and bears.

The broader trend, however, remains constructive, as Silver continues to trade well above the 100-day SMA at $42.00, keeping the medium-term bias tilted to the upside.

With prices failing to sustain upside traction, Silver is on course to end the week with marginal losses. A break above $49.50 could spark renewed bullish momentum toward $52.00 and $54.86, while a close below $46.00 may invite fresh selling toward the 100-day SMA, where dip buyers could re-emerge.

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