Silver – XAG/USD struggles to build on intraday gains beyond $75.00

• Silver attracts buyers for the second straight day on Friday, though it lacks follow-through.
• The mixed technical setup warrants some caution before positioning for any further gains.
• A sustained strength beyond the $75.45 confluence will be seen as a fresh trigger for bulls.

Silver (XAG/USD) trades with a positive bias for the second straight day on Friday, though it struggles to capitalize on modest Asian session gains to levels just above the $75.00 psychological mark. The white metal currently trades around the $74.25 region, up 0.65% for the day, and seems poised to register modest losses for the second week in a row.

From a technical perspective, the XAG/USD now seems to have found acceptance above the 23.6% Fibonacci retracement level of the recent decline from the April swing high, around the $83.00 mark. Adding to this, the Relative Strength Index (RSI) sits around 65, pointing to firm bullish pressure but shy of overbought territory. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram remains marginally positive, which hints that rebounds are being faded.

That said, the XAG/USD holds below the 200-hour Simple Moving Average (SMA) at $75.46. The said area coincides with the 38.2% Fibo. retracement level and should keep the near-term tone capped despite a constructive momentum backdrop. Bulls must reclaim the dense barrier to extend the recovery toward the 50% retracement at $76.97 and the 61.8% level at $78.40.

On the downside, immediate support is seen at the 23.6% Fibo. retracement at $73.78. A convincing break below this floor would expose the cycle low area at $70.93, where stronger buyers could look to re-emerge.

(The technical analysis of this story was written with the help of an AI tool.)

XAG/USD 1-hour chart