XAG/USD rises over 1% but struggles to break above the 23.6% Fibonacci retracement level amid mixed technical signals.
Silver (XAG/USD) climbed more than 1% on Tuesday, trading near $75.75 during the Asian session, but remains within a multi-day range. The metal faces resistance at the 23.6% Fibonacci retracement level of its May decline, reinforcing caution among bullish traders.
The commodity continues to trade below the 100-period Simple Moving Average (SMA), which aligns with the 38.2% Fibonacci level near $78.25-$78.45. This confluence acts as a key barrier, maintaining a near-term bearish bias. The Relative Strength Index (RSI) at 52 indicates limited directional momentum, while the MACD hovers slightly positive, suggesting fragile stabilization.
A sustained break above $78.45 could target resistance at $80.50, followed by $82.56 and $85.48. Downside support remains anchored near the Fibonacci origin, though structural levels below $75.75 are less defined.