XAG/USD trades sideways near $76.00 after a temporary US-Iran ceasefire deal weakens the USD but fails to sustain gains.
Silver (XAG/USD) remains stuck below $76.00 on Friday, erasing earlier gains after a brief rebound from four-week lows near $71.80. The metal’s rally stalled as investors digested a 60-day US-Iran ceasefire extension, which triggered broad US Dollar selling but failed to lift precious metals decisively amid skepticism over long-term stability.
The pair has traded within a $7 range this week, consolidating between $72.00 and $79.00. April’s US PCE data showed inflation accelerating at its fastest pace in nearly three years, fueling expectations of potential Federal Reserve rate hikes later this year or in early 2027. Technical indicators reflect market indecision, with the RSI near 50 and MACD lacking a clear bias.
Resistance at $76.00, a former support level, continues to cap upside momentum, while overhead resistance looms near $78.75-$78.90. The lack of directional conviction leaves XAG/USD in a tight range, with traders awaiting fresh catalysts.