- Silver gains strong positive traction and jumps to a fresh weekly top during the Asian session.
- The intraday move up stalls near the 200-period EMA pivotal resistance on the 4-hour chart.
- The broader technical setup favors the XAG/USD bulls and backs the case for additional gains.
Silver (XAG/USD) retreats slightly from the weekly high set earlier during the Asian session this Wednesday and currently trades just below mid- $76.00s, still up over 4.5% for the day. The US-Iran ceasefire news weighs heavily on the safe-haven US Dollar (USD), which, in turn, is seen as a key factor that continues to underpin the white metal.
From a technical perspective, the strong intraday move up stalls near the 200-period Exponential Moving Average (EMA) on the 4-hour chart. However, acceptance above the 38.2% Fibonacci retracement level of the March downfall and the $76.00 mark favors the XAG/USD bulls. Moreover, the Moving Average Convergence Divergence (MACD) line has turned back above its signal and pushes toward the zero line with a growing positive histogram, suggesting improving upside momentum after a period of consolidation.
Adding to this, the Relative Strength Index (RSI) at 64 stays below overbought territory yet holds firmly above the 50 line, reinforcing a recovery tone without signalling exhaustion. A sustained strength above the 200-period EMA on the 4-hour chart at $76.85 will reaffirm the constructive setup and open the way for additional gains further toward the 50% retracement level at $79.03.
On the downside, the 38.2% Fibo. retracement at $74.82 now acts as a nearby floor for the XAG/USD. A drop back below this level would expose secondary support toward $72.00, where recent swing lows cluster and downside momentum could reassert if broken.
XAG/USD 4-hour chart
