Silver Price Forecast: XAG/USD sticks to gains near mid-$66.00s; 23.6% Fibo. holds the key
Silver (XAG/USD) attracts fresh buyers following the previous day's two-way price moves and trades around the $66.40-$66.45 region during the Asian session on Tuesday, up nearly 0.50% for the day.
Silver (XAG/USD) experiences fresh buying activity, trading in the $66.40-$66.45 range, marking a nearly 0.50% gain for the day. However, it remains below last week's high, indicating caution for aggressive traders. The 23.6% Fibonacci retracement level, around $67.27, serves as a crucial pivot point. Currently, silver is just above its 100-day SMA at $66.32, signaling a mildly bullish near-term outlook.
Support is found at multiple Fibonacci levels, including $64.87 and $62.93, while resistance awaits at $71.14. Technical indicators such as RSI and MACD suggest a balanced but constructive tone, with the latter hinting at weakening upside. Silver's price movements are influenced by various factors, including geopolitical events, interest rates, the US Dollar's performance, and industrial demand.
Its price often mirrors that of gold, making the Gold/Silver ratio a valuable tool for assessing relative valuation.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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