Silver (XAG/USD) continues its struggle to make it through the $70.00 psychological mark and extends its two-way price moves through the first half of the European session on Wednesday.
The white metal currently trades just above mid-$68.00s, nearly unchanged for the day, as traders keenly await the release of the US Personal Consumption Expenditures (PCE) Price Index
The XAG/USD maintains a bullish near-term bias following last week’s breakout above the $66.55-$66.60 horizontal resistance. Moreover, the commodity holds well above the 200-period Simple Moving Average (SMA) on the 4-hour chart, which underpins the broader uptrend. Despite this constructive positioning, the Moving Average Convergence Divergence (MACD) indicator is below zero with a slightly negative reading, hinting at waning upside momentum.
Meanwhile, the Relative Strength Index (RSI) around 53 suggests neutral conditions after cooling from previously overbought levels. Nevertheless, the XAG/USD could find some support near mid-$67.00s ahead of the $67.00 mark and the $66.60-$66.55 resistance breakpoint. Any further slide is likely to attract buyers and remain limited near the 200-period SMA at $61.58, which marks the main underlying demand zone as long as price stays comfortably above it.