Silver regains modest upward momentum but continues to trade within a multi-day consolidation range. The technical outlook still calls for caution among bulls ahead of any new long positions. A breakout above the $78.25–$78.45 resistance zone is required to invalidate the current bearish bias.
Silver (XAG/USD) attracts buyers in the Asian session on Tuesday, trading near the $75.70–$75.75 area and posting gains of over 1% on the day. However, the metal remains stuck in a multi-day consolidation range, keeping bullish conviction in check.
From a broader technical perspective, XAG/USD continues to trade below the 23.6% Fibonacci retracement of its recent decline from the May peak. It also remains under the 100-period SMA, which aligns with the 38.2% Fibonacci level—reinforcing a near-term bearish bias unless price can reclaim this key confluence zone.
Momentum indicators remain mixed: the RSI sits around 52, pointing to neutral, range-bound momentum, while the MACD is slightly positive, suggesting a fragile attempt at stabilization rather than a firm trend reversal.
As a result, the $78.25–$78.45 area—where the 100-period SMA and 38.2% Fibo converge—continues to act as a major resistance zone. A sustained breakout above this region would be needed to shift the outlook and expose upside targets at $80.50, $82.56, and $85.48, with the broader cycle high near $89.20.
On the downside, stronger structural support is seen around $71.81, where buyers may re-emerge if the current consolidation resolves to the downside.
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