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Silver firms above $57 on Tuesday as traders eye key breakout level
XAG/USD is attempting to hold above $57.00 after a three-day buying run, with analysts pointing to a descending trend-line hurdle and nearby Fibonacci levels around $59.00 as the next test.
Silver prices for XAG/USD attracted buyers for the third straight day and climbed back above $57.00 during the Asian session on Tuesday, according to FXStreet.
Even with the rebound, the pair remains below the prior overnight swing high, while traders look for a breakout through a short-term descending trend-line hurdle before adding further exposure, FXStreet said.
FXStreet added that technical momentum is stabilizing, with MACD marginally positive and RSI near 52, and that a sustained move higher could target the 38.2% Fibonacci retracement near $58.06 and the 4-hour 100-period simple moving average.
On the upside, the analysis highlights additional resistance around the $59.00 area, with higher barriers also seen at the 61.8% Fibonacci level near $60.04 and 78.6% retracement around $61.46, while immediate support sits at $56.83, where a move back below could revive selling toward about $54.84.
Latest closeSilver $63.77 ▼0.9%