Silver Stalls at $66.39 as 100-Day SMA Blocks Upside
XAG/USD falls 0.39% to $66.03 after failing to clear the 100-day moving average. A break above opens the path to $70.
Key points
- Silver fell 0.39% to $66.03 after rejecting the 100-day SMA at $66.39.
- The metal is consolidating between the 50-day SMA at $63.15 and the 100-day SMA.
- A break above $66.39 targets $70.00 and the 200-day SMA at $73.19.
Silver retreated to $66.03 after failing to clear the 100-day SMA at $66.39. The metal closed Monday down 0.39% as the dollar strengthened following the recent Fed decision.
FXStreet analysts note that the price action remains trapped within a defined technical range. The 50-day SMA at $63.15 acts as the primary floor for this consolidation phase.
Technical structure shifts toward bullish bias
The market failed to test the August 3 low of $56.57. This failure compromised the prior pattern of lower lows and lower highs in the daily chart.
The Relative Strength Index turned flat despite remaining in bullish territory. This slope indicates that silver is currently directionless and awaiting a clear catalyst.
Key resistance levels above $66.39
A confirmed break above the 100-day SMA exposes the $70.00 psychological level. Traders view this threshold as the next major hurdle for bulls.
Sustained momentum past $70.00 would target the 200-day SMA at $73.19. This moving average represents the final major technical resistance in the current cycle.
Support zones below the current price
Downside weakness first tests the 50-day SMA at $63.15. Losing this level would push the metal toward the $60.00 psychological support.
A breach of $60.00 targets the July 17 swing low at $54.77. This level marks the bottom of the recent trading range.
