- Silver attracts some follow-through selling and moves further away from the weekly high.
- The technical setup favors bearish traders and backs the case for a further near-term fall.
- A move beyond the 200-period hurdle on the H4 is needed to negate the negative outlook.
Silver (XAG/USD) is seen extending the previous day’s modest pullback from the weekly high and drifting lower during the Asian session on Thursday. The white metal currently trades just below mid-$73.00s, down 2.0% for the day, and seems vulnerable to slide further.
The overnight failure ahead of the 200-period Exponential Moving Average (EMA) pivotal hurdle on the 4-hour chart and a subsequent weakness below the 38.2% Fibonacci retracement of the March downfall favor the XAG/USD bears. Moreover, the Relative Strength Index (RSI) at 48.18 sits close to neutral, while the Moving Average Convergence Divergence (MACD) has slipped marginally below zero with a softening histogram. This hints that upside momentum is fading rather than building for an immediate recovery.
On the topside, initial resistance is located at the 38.2% Fibo. retracement at $74.53, with the 200-period EMA on the 4-hour chart at $76.76 reinforcing a cap ahead of the 50.0% retracement at $78.68. On the downside, the 23.6% Fibo. retracement at $69.41 could offer the first notable support, ahead of a more substantial structural floor near the cycle low at $61.12.
(The technical analysis of this story was written with the help of an AI tool.)
XAG/USD 4-hour chart
