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Silver holds near $59 as XAG/USD bulls eye further upside
XAG/USD is down more than 0.4% on the day after a breakout above $59, with resistance flagged at $61.3 and support near $59.0.
Silver prices in the XAG/USD pair are drawing fresh buying around the $58.25 to $58.20 area in Thursday's Asian session, after easing back from the roughly $61.00 zone, according to FXStreet’s technical outlook. The metal is last trading just above the mid-$59.00s, down over 0.4% for the day.
FXStreet points to this week’s breakout through a $59.00 technical confluence as the key trigger for bullish positioning. The confluence includes the 100-period simple moving average on the 4-hour chart and the 23.6% Fibonacci retracement of the fall from June 17’s high, while momentum readings such as RSI around 61.2 and a mildly positive MACD histogram remain in positive territory.
The analysis expects upside attempts to face initial resistance at the 38.2% Fibonacci retracement level near $61.31, followed by additional sell zones at 50.0% around $63.28 and 61.8% near $65.25, with the 78.6% level around $68.05 described as a broader cap.
On the downside, immediate support is seen at the overlap of the 100-period SMA and the 23.6% Fibonacci level around $58.99. A deeper pullback could expose a structural anchor near $54.94, FXStreet said.
Latest closeSilver $63.77 ▼0.9%