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Silver holds gains near $65 but momentum fades under resistance
XAG/USD bounced from $63.51, but it remains capped by a resistance zone around $66.80 while the US dollar weakens on softer US rate expectations.
Silver prices inched higher on Friday, trading around $65 after recovering from an intraday low of $63.51, though the move lacked strong follow-through, keeping XAG/USD inside a narrow weekly range, according to FXStreet.
The outlet said the backdrop for the non-yielding metal was supportive as the US dollar weakened broadly after recent US economic data reduced expectations for a near-term Federal Reserve interest-rate hike.
On the technical side, FXStreet noted that silver’s price action is holding above the 50-period simple moving average near $63.60, while longer-term averages cluster below, with the 100- and 200-period SMAs around roughly $60.8 to $59.9.
Still, the report highlighted that short-term momentum is losing steam, with resistance anchored near $66.80, while initial support levels are seen at $64.38 and then around the $63.60 area.
Latest closeSilver $59.48 ▼0.7%