XAG/USD consolidates below $79.00, around 50% Fibo. level

• Silver trades with a mild positive bias during the Asian session, though it lacks follow-through.
• The broader technical setup favors bulls and backs the case for a further appreciating move.
• Any further corrective slide is likely to find decent support near the 200-period EMA on the H4.

Silver (XAG/USD) is seen consolidating around the 50% Fibonacci retracement level of the March downfall and trading just below the $79.00 mark during the Asian session on Friday, up 0.50% for the day. The white metal remains on track to register gains for the fourth straight week and seems poised to climb further.

From a technical perspective, the XAG/USD is holding above the 200-period Exponential Moving Average (EMA), reaffirming the near-term constructive bias despite recent failures near the $81.00 mark. Moreover, the Relative Strength Index (RSI) near 57 hints at mildly positive momentum. That said, the Moving Average Convergence Divergence (MACD) has slipped back into negative territory. This, in turn, suggests a waning but still broadly supportive tone.

Meanwhile, initial resistance is aligned at the $80.00 psychological mark, ahead of the weekly swing high, around the $81.00 mark. A sustained break above this barrier would open the way toward the 61.8% retracement at $83.16. On the downside, immediate support is provided by the 200-period EMA at $77.01, ahead of the 38.2% Fibo. retracement at $74.82, while deeper losses would expose the 23.6% level at $69.67 and the cycle low area near $61.33.

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

XAG/USD 4-hour chart