S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico Market
- Silver price may find the primary support at the six-month low of $61.01.
- The 14-day Relative Strength Index at 34.64 indicates that dominant bearish momentum continues to prevail.
- The immediate resistance lies at the nine-day EMA of $66.31.
XAG/USD depreciates over 3% after registering modest gains in the previous day, trading around $63.20 per troy ounce during the Asian hours on Monday. The technical analysis of the daily chart shows that the spot price is remaining within the descending channel pattern, suggesting a prevailing bearish bias.
The XAG/USD pair is extending a bearish phase as spot remains well beneath the nine-day and 50-day Exponential Moving Averages (EMAs). The configuration of both EMAs above the price suggests rallies are likely to meet selling interest. Meanwhile, the 14-day Relative Strength Index (RSI) at 34.64 hovers just above oversold territory, hinting that bearish momentum prevails but could be losing some intensity.
The initial support lies at the six-month low of $61.01, recorded on March 23. Further declines would expose the lower boundary of the descending channel around $57.50.
On the upside, the immediate barrier lies at the nine-day EMA of $66.31, followed by the upper boundary of the descending channel around $69.70. A break above the channel would support the XAG/USD pair to test the 50-day EMA at $72.70. Further advances above the medium-term average would strengthen the bullish bias and support the XAG/USD pair to explore the area around the three-month high of $90.03, reached on March 10.
