XAG/USD rises 1.7% from weekly lows but remains capped by bearish momentum and key moving average resistance.
Silver prices rebounded from a weekly low of $72.47 to near $74.00, gaining over 1.7% as investors rotated out of technology stocks amid mixed market sentiment. Geopolitical tensions in the Middle East persist but have not significantly shifted demand for the metal.
The XAG/USD pair continues to consolidate below its 50-day Simple Moving Average at $76.18, with sellers maintaining control. Buyers have failed to break above this level, which could pave the way for a test of $80.00. The Relative Strength Index remains bearish, signaling downward momentum.
Immediate support lies at $73.00, with a breach potentially targeting May 28’s low of $71.79 and the psychological $70.00 mark. Below that, the 200-day SMA at $67.65 could come into play.