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- XAG/USD ends week down over 6%, approaching $60.00 support.
- Bearish RSI reinforces lower-high, lower-low structure beneath key moving averages.
- Break below $60.00 exposes $56.57 and YTD low $54.77.
Silver price retreats on Friday, dropping about 0.76% as US Treasury yields edged higher, capping US Dollar depreciation, while investors punished the Greenback following a soft US jobs report. The XAG/USD trades at $60.50 at the time of writing.
XAG/USD Price Forecast: Technical Outlook
The white metal finished with weekly losses of over 6%, below the confluence of the 50- and 100-day Simple Moving Averages (SMAs) at $64.06-$64.74 and poised to test the $60.00 milestone in the near term.
Bearish momentum continues to build as the Relative Strength Index (RSI) remains below its 50-neutral level and closer to the oversold level. Also, price action is respecting the series of lower highs and lower lows, further confirmation that sellers are in charge.
The first support for XAG/USD is $60.00. If breached, a potential move to the August 3 low of the day (LOD) at $56.57 is on the cards. A decisive breakout will expose the year-to-date (YTD) low of $54.77.
On the other hand, for a bullish reversal, buyers must push Silver back above the 50- and 100-day SMA, before claiming the $65.00. Even though that is a significant recovery, the bearish structure remains in charge, unless the bull clears the August 28 swing high of $71.12, the latest cycle high.
XAG/USD Price Chart – Daily
