XAG/USD falls 2.8% to $74.74 as it breaks the 50-day SMA at $75.77, signaling potential further declines.
Silver prices slid nearly 2.8% on Wednesday, breaching the 50-day Simple Moving Average at $75.77 and clearing the $75.00 psychological level. XAG/USD traded at $74.74 after hitting a daily low of $73.44.
The breakdown below the ascending channel’s upslope support and the 50-day SMA suggests bearish momentum. The Relative Strength Index turned downward in mid-May, reinforcing seller control. Key support levels include $73.09 (May 19 low) and $70.86 (April 29 low).
Resistance now lies at $75.00, followed by the 50-day SMA at $76.00 and the 20-day SMA at $77.61. A sustained drop could target the 200-day SMA at $65.59.