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- Silver price may fall toward the lower falling wedge boundary around $61.80.
- The 14-day Relative Strength Index at 38.91 suggests downside momentum.
- The immediate barrier lies at the nine-day EMA of $68.88.
XAG/USD edges lower after registering over 6% gains in the previous day, trading around $67.00 per troy ounce during the Asian hours on Friday. The technical analysis of the daily chart shows a falling wedge pattern, which suggests a strong bullish reversal.
The 14-day Relative Strength Index (RSI) at 38.91 sits in weak territory, hinting at subdued downside momentum but not yet signaling oversold conditions that could trigger a more decisive corrective bounce.
However, Silver price holds well below the nine-day and 50-day Exponential Moving Averages (EMAs), keeping the near-term bias bearish as recent rebounds fail to reclaim even short-term trend gauges.
On the downside, Silver price may navigate the region around the lower falling wedge boundary around $61.80, aligned with the six-month low of $61.01, recorded on March 23.
The XAG/USD pair could find immediate resistance at the nine-day EMA of $68.88, followed by the upper boundary of the falling wedge around $70.10. A break above this confluence resistance zone would support the Silver price to target the 50-day EMA at $74.68. Further advances would expose the three-month high of $90.03, reached on March 10.
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