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XAG/USD corrects from one-month top, bullish bias intact near $80.00
- Silver retreats after touching a nearly one-month high during the Asian session on Wednesday.
- The overnight breakout through key barriers favors bulls and backs the case for further gains.
- Any further corrective slide might still be seen as a buying opportunity and remain cushioned.
Silver (XAG/USD) climbs to a nearly one-month peak during the Asian session on Wednesday, though it struggles to build on the momentum further beyond the $81.00 mark. The white metal, however, sticks to modest intraday gains and currently trades around the $80.00 psychological mark, still up 1.0% for the day.
From a technical perspective, the overnight breakout through the 200-period Simple Moving Average (SMA) and a subsequent move beyond the 50% Fibonacci retracement level of the March downfall were seen as key triggers for the XAG/USD bulls. Momentum conditions are strong but stretched, with the Relative Strength Index (14) at 72.14 in overbought territory and the Moving Average Convergence Divergence (MACD) hovering in positive ground. This suggests upside pressure persists even as the risk of a corrective pause rises.
On the topside, initial resistance is now seen at the 61.8% Fibo. retracement level at $82.81, ahead of a higher barrier at the 78.6% retracement at $88.73 and the cycle high region around at $96.26. On the downside, immediate support is aligned at the 50.0% retracement at $78.66, followed by the 200-period SMA at $77.86. A deeper pullback would expose the 38.2% Fibo. retracement at $74.51, while a more pronounced weakness toward $69.37 would still leave the broader bullish recovery intact.
Nevertheless, the XAG/USD maintains a clear bullish bias, and the constructive tone is reinforced while it grinds higher within the broader recovery off the cycle low near $61.07.
XAG/USD 4-hour chart
