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XAG/USD edges lower below $70.00 as bearish bias holds under 100-day SMA
- Silver Price declines to near $69.85 in Tuesday’s early European session.
- The bearish outlook remains intact under the 100-day SMA; RSI momentum holds below the midline.
- The first upside barrier emerges at $72.25; the initial support level to watch is $63.80.
Silver Price (XAG/USD) trades in negative territory around $69.85 during the early European trading hours on Tuesday. The white metal retreats from a weekly high as traders book some profits ahead of the US Federal Reserve (Fed) interest rate decision.
The US central bank is widely expected to keep its benchmark interest rate unchanged at a target range of 3.50% to 3.75% at its upcoming policy meeting on Wednesday.
Traders will closely monitor the developments surrounding the US-Iran peace deal. The progress of a preliminary framework agreement between both countries has significantly eased geopolitical tensions and might help limit Silver’s losses in the near term.
Bets on Fed rate hikes receded after the framework deal, supporting the precious metals, non-yielding assets. Markets cut the chance of a US rate hike in December to 58% from nearly 70% last week, according to the CME FedWatch tool.
Technical Analysis:
In the daily chart, XAG/USD remains under clear downside pressure as price holds below the Bollinger Bands’ 20-day simple moving average and the 100-day simple moving average, keeping the broader trend tilted lower. The Relative Strength Index (14) hovers just below the midline, hinting at weak but not extreme bearish momentum while silver consolidates in the lower half of its recent volatility envelope.
On the topside, initial resistance is located at the Bollinger Bands’ middle line around $72.25. The next hurdle to watch is the June 5 high of $74.14, en route to the 100-day SMA near $78.55 and the upper Bollinger band around $80.72. On the downside, the next notable support aligns with the lower Bollinger band at roughly $63.80, where volatility-based demand could attempt to slow the current bearish phase.
