Silver (XAG/USD) is currently holding above the critical 50-day moving average ($78.60), showing short-term stability but struggling to gain upside momentum. The metal now faces layered resistance near the 20-day moving average (~$92.84), a level reinforced by prior price rejection and Fibonacci retracement levels. On the downside, the recent swing low at $64.06 is crucial support—a break below could signal further weakness. Silver remains in a wide consolidation range ($64.06–$92.82), with traders watching whether it can sustain a breakout above $84.03 to challenge resistance or if it will retreat toward channel support.
Key Points:
Support Held: Silver is stabilizing above the 50-day MA ($78.60), with $64.06 now a key support level.
Resistance Ahead: The 20-day MA (~$92.84) poses major resistance, backed by Fibonacci and prior swing highs.
Breakout Trigger: A move above $84.03 could propel silver toward the 20-day MA resistance zone.
Wide Range: Silver is consolidating between $64.06 (support) and $92.82 (resistance), with interim support near $70–$71.
Trend Context: The bounce from $64.06 suggests the long-term bullish channel remains intact, but failure to reclaim the 20-day MA could extend consolidation.
