XAG/USD remains above key technical levels, supported by positive indicators and a breakout from prior resistance.
Silver (XAG/USD) traded near $69.00 in early Asian trade, staying close to Friday’s two-month high of $70.00. The metal’s near-term outlook remains bullish after breaking above the $66.65-$66.70 resistance zone and the 38.2% Fibonacci retracement of its May-July decline.
The 4-hour chart shows XAG/USD holding above its 200-period Simple Moving Average, with the MACD marginally positive and the RSI at 66, signaling strong buying interest. However, the RSI’s proximity to overbought levels may temper further gains in the short term.
Resistance is seen at the 50% Fibonacci retracement at $71.95, followed by $76.08 and $81.97. Support lies at $67.81, with deeper levels at $62.70 and $60.93.