XAG/USD pulls back from a two-month high after failing to break above $70.00, though technical indicators suggest the uptrend remains intact.
Silver (XAG/USD) fell to the mid-$67.00s on Tuesday after failing to sustain gains above the $70.00 mark for a second consecutive session. The retreat follows a breakout last week that pushed prices to a two-month high, though technical signals indicate waning upside momentum rather than a full reversal.
The metal remains above the 200-period Simple Moving Average on the 4-hour chart, reinforcing a bullish near-term bias. However, the Relative Strength Index has slipped toward neutral, and the MACD has turned negative, signaling reduced buying pressure. Support is seen at $67.00, with stronger demand likely near $66.55-$66.60, the prior resistance zone.
A decisive break below $61.30, where the 200-period SMA aligns, would challenge the broader uptrend. On the upside, a sustained move above $70.00 could target $71.00 and $71.55, though bulls appear hesitant near current levels.