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Silver struggles to clear $70 amid focus on US PCE data
XAG/USD is holding near the mid-$68s, supported by a 4-hour 200-period SMA, but MACD remains below zero and upside momentum looks muted ahead of the US PCE release.
Silver (XAG/USD) is trading just above the mid-$68s and is still failing to break through the $70.00 psychological level, extending two-way moves in the early European session, FXStreet reported.
Traders are looking to the upcoming release of the US Personal Consumption Expenditures (PCE) Price Index, while technical signals remain mixed: the price is holding above the 200-period Simple Moving Average on the 4-hour chart, but MACD is below zero with a slightly negative reading, suggesting waning upside momentum.
The Relative Strength Index sits around 53, indicating neutral conditions after cooling from earlier overbought levels. FXStreet said potential near-term support is seen in the mid-$67 area and the $66.60 to $66.55 range, while further upside would likely require sustained acceptance above $70 before attention shifts toward higher resistance areas, including $71.0 and $71.55.
It also highlighted that a deeper pullback could attract buyers but may remain limited around the 200-period SMA near $61.58, which it described as the main demand zone as long as price stays comfortably above it.
Latest closeSilver $64.58 ▼2.0%