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Silver falls after failing to break $70, XAG/USD slides toward $67
XAG/USD slipped to the mid-$67.00s on Tuesday for the second straight day, with momentum indicators easing as upside pressure wanes.
Silver prices for XAG/USD fell for a second straight day after failing to hold above the $70.00 psychological level, according to FXStreet. The metal slid to the mid-$67.00s during the first half of the European session.
FXStreet said the technical picture remains mixed. XAG/USD is still holding above the 200-period simple moving average on the 4-hour chart, but the Relative Strength Index is easing back toward neutral near 50 and the MACD has slipped into negative territory.
On the downside, the outlet pointed to $67.00 as immediate support, followed by the $66.60 to $66.55 area where buyers have recently tried to stabilize the pullback. If silver extends lower, it could test the 200-period SMA at $61.30, which would likely prompt a reassessment of the broader bullish structure.
To the upside, FXStreet said bulls may need sustained strength and acceptance above $70.00 before targeting $71.00, then $71.55. Further gains could open the way toward $72.00, $72.55, $73.00, and the $73.40 region if the breakout holds.
Latest closeSilver $59.48 ▼0.7%