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Just observed: Silver (XAG/USD) is climbing back above the $72 mark during the Asian session. It had a significant drop yesterday, but now there seems to be some buying pressure. However, I must honestly say – the upward potential appears limited. The XAG/USD is staying below the 100-period moving average on the 4-hour chart, and the technical picture remains rather bearish.
The indicators are not exactly pointing to a strong rally. The RSI is hovering around 37, the MACD is still negative. This means that the downside potential is not really over yet. If XAG/USD moves higher now, probably only toward $73, then $73.60 as the first resistance levels.
Basically: As long as XAG/USD does not sustainably break above $73.60, the short-term trend remains negative. Below that, we could quickly slide back toward $72.04 or even $69.45. I will keep an eye on this – currently, I am rather cautious with silver.