XAG/USD recovers from sub-$78.00 levels, trading above key moving averages and Fibonacci retracement levels with strong momentum.
Silver (XAG/USD) reversed early losses during the Asian session, climbing back above the $80.00 mark after dipping below $78.00. The move halts a late pullback from a nearly three-week high, positioning the metal for weekly gains.
Technical indicators support the bullish outlook, with XAG/USD trading above its 100-period Simple Moving Average and reclaiming the 50% Fibonacci retracement level of the March decline. The Relative Strength Index nears 68, while the MACD remains above zero, signaling sustained buying interest.
Analysts suggest a break above the 61.8% Fibonacci level near $83.00 could open the door to further gains, targeting $88.83 and $96.44. Support levels are seen at $78.66, $76.26, and $74.47, where dip-buying may emerge.