XAG/USD consolidates at $75.00 after failing to breach the 50-day SMA, with technical indicators signaling downside momentum.
Silver (XAG/USD) retreated 0.36% to $75.00 on Monday, pressured by sellers capping gains near the 50-day Simple Moving Average at $75.98. The metal’s failure to sustain momentum above $77.00 has reinforced a bearish outlook, with the Relative Strength Index trending lower since mid-May.
Recent price action saw XAG/USD drop to a four-week low of $71.79 on May 28 before a modest rebound. Key support levels include $73.09 (May 19 low) and $71.79, while resistance remains at $76.00, $76.50, and $77.00. A break below current levels could target the 200-day SMA at $67.12.
The path of least resistance remains downward, with sellers eyeing deeper declines if support levels fail to hold. Resistance above $77.00 would shift focus to the 100-day SMA at $81.27.