XAG/USD fails to break the 23.6% Fibonacci retracement, signaling potential downside pressure amid technical resistance.
Silver (XAG/USD) pulled back during the Asian session Friday after failing to sustain gains above the 23.6% Fibonacci retracement level, trading near $76.00. The metal snapped a two-day winning streak but remained above this support mark, with overhead resistance capped by the 100-period EMA at $77.98 on the 4-hour chart.
The Relative Strength Index (RSI) lingers below the midline, while the MACD turned positive, suggesting a modest corrective rebound within a broader bearish trend. Key resistance levels include the 38.2% Fibonacci at $79.39 and the 50% level at $81.30, with further barriers at $83.21 and $85.92. Downside support is anchored at $73.21, a breakdown of which could extend the bearish move.