XAG/USD drops over 1% to $61.80, erasing earlier gains as technical signals point to further downside pressure.
Silver prices fell more than 1% on Monday, trading at $61.80 after peaking at $63.28 earlier in the session. The retreat comes despite a weaker US Dollar and lower Treasury yields, as geopolitical risk premiums dissipate and technical indicators turn bearish.
The four-day rally stalled, with momentum flattening and the Relative Strength Index (RSI) signaling downward pressure. A potential “death-cross” on the daily chart raises the likelihood of extended losses, with support levels at $61.45, $56.61, and $55.63 in focus.
Resistance remains at $67.17, followed by the 200-day Simple Moving Average at $70.06. A break above could target the 50-day SMA at $71.05.