- Silver extends its rebound for a second straight session on Thursday as follow-through buying interest remains intact.
- The intraday technical picture continues to support bullish momentum and points to the potential for further upside.
- However, a decisive break above the key $76.75 confluence resistance is required to confirm the bullish outlook.
Silver (XAG/USD) is extending Wednesday’s rebound from the nearly two-week low around the $73.00 area, advancing for a second consecutive session on Thursday. During Asian trading hours, the precious metal moved back above the mid-$76.00 region, although it still trades below Tuesday’s weekly peak.
From a technical standpoint, XAG/USD is testing a key resistance zone near $76.75, where the 100-hour Simple Moving Average (SMA) aligns with the 23.6% Fibonacci retracement of the recent decline from the monthly high. A sustained break above this confluence area could provide a fresh bullish catalyst and support additional near-term upside momentum.
Short-term indicators suggest bearish pressure is fading rather than strengthening. The Relative Strength Index (RSI) is hovering near 57, while the Moving Average Convergence Divergence (MACD) remains slightly in positive territory. As a result, a decisive move above the $76.75 barrier may open the door toward the 38.2% Fibonacci retracement at $79.21, followed by the 50% retracement level near $81.14.
On the downside, strong support is located around $72.97, which marks both the recent cycle low and a major Fibonacci anchor. Buyers are likely to re-emerge more aggressively in that region if the corrective decline resumes.
Gold H1 Chart
THE ETERNAL SOVEREIGN 
Leave a comment