XAG/USD falls nearly 8% this week, nearing its 200-day SMA after stronger-than-expected US payrolls data.
Silver prices plunged to a nine-week low of $68.03, extending weekly losses to nearly 10% as robust US Nonfarm Payrolls data strengthened the USD. The metal now tests its 200-day Simple Moving Average near $67.79, with momentum favoring sellers.
Prior to this week, XAG/USD traded above $70.00, but technical indicators like the Relative Strength Index signal oversold conditions. Analysts eye $61.01 as the next support level if the 200-day SMA breaks, with further downside risk to $54.39.
Resistance levels are pegged at $70.00, followed by $71.79 and $75.00, though a rebound remains contingent on broader market sentiment.