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- Silver reverses an Asian session slide, stalling the overnight pullback from a one-week high.
- The intraday recovery lacks follow-through as traders seem hesitant ahead of the US NFP.
- The mixed technical setup further warrants some caution before placing directional bets.
Silver (XAG/USD) attracts some buyers near the $51.25 region during the Asian session on Friday, stalling the previous day’s retracement slide from the vicinity of mid-$53.00s, or a one-week high. The white metal retakes the $52.00 mark in the last hour, though the upside seems limited as traders await the release of the crucial US Nonfarm Payrolls (NFP) report before placing directional bets.
From a technical perspective, XAG/USD showed some resilience below the $51.70-$51.65 confluence – comprising the 100-hour Exponential Moving Average (EMA) and the 50% Fibonacci retracement level of the recent downswing from late October. The said area offers immediate underlying support and hints at ongoing consolidation rather than a decisive trend amid mixed momentum indicators.
In fact, the Relative Strength Index (RSI) is near 46, and the Moving Average Convergence Divergence (MACD) is below zero, suggesting that bullish pressure has faded but sellers lack clear dominance for now. Hence, any subsequent move up could face initial resistance at the 61.8% Fibo. retracement at $52.34, ahead of a higher barrier at the 78.6% retracement near $53.35 and the recent cycle high of $54.64.
On the downside, a close back below the clustered support formed by the 100-period EMA and the 50.0% retracement, around the $51.70-$51.65 region, would expose the 38.2% level at $50.92, with deeper bearish pressure likely bringing the 23.6% retracement at $50.04 into view.
XAG/USD 1-hour chart
