Just noticed: Silver (XAG/USD) is trying to climb back during the Asian session and has crossed the $72 mark. Sounds positive at first, but honestly, the technical picture doesn't look so rosy.



XAG/USD is still trading below the 100-period SMA on the 4-hour chart and below the 38.2% Fibonacci level. The RSI is hovering around 37 – quite weak. The MACD is also still in the negative territory. That means: the downward momentum is weakening, but there's not much room to the upside.

If it continues, the first resistance is likely around $73, then at $73.60. Only if XAG/USD sustainably breaks through this hurdle could it become interesting. Then we could see a rise to $74.64 or even $76.63. On the other hand: if selling pressure picks up again, the next supports are at $72.04, then at $69.45, and lower at $65.75.

So: Silver is currently in a gray zone. Too early to be bullish, but not completely at the end either. Wait and see how it develops.
XAG-5.42%
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