Silver Price Forecast: XAG/USD bulls seem hesitant below $82.00; US NFP awaited
Silver edges higher on Wednesday, though it lacks bullish conviction ahead of the US NFP.
Monday's breakout through the 236% Fibo. backs the case for additional near-term gains.
Any further move up might confront a barrier near the 38.2% Fibo., near the $85.25 area.
Silver (XAG/USD) steadies following the previous day's modest pullback from the $84.00 mark and trades with a mild positive bias during the Asian session on Wednesday. The white metal, however, lacks bullish conviction and is currently placed below the $82.00 mark as traders keenly await the release of the US Nonfarm Payrolls (NFP) report.
From a technical perspective, Monday's breakout through the 23.6% Fibonacci retracement level of the recent downfall from the all-time peak favors the XAG/USD bulls. However, the Moving Average Convergence Divergence (MACD) line has slipped below the Signal line while both remain above zero, and the contracting histogram suggests fading upside momentum. Adding to this, the Relative Strength Index (RSI) sits at 50 (neutral), reflecting balanced intraday forces.
Hence, any subsequent move up is likely to confront resistance near the $85.25 region, representing the 38.2% Fibo. retracement level, while the 200-period Simple Moving Average (SMA) on the 4-hour chart, around the 87.25 area, could cap further upside. The XAG/USD stands beneath the rising 200-period SMA, maintaining a corrective bias against the longer-term trend. That said, a topside extension would bring the 50% retracement at 91.95 into view. On setbacks, attention turns to the 23.6% retracement at 76.92, where a break would risk reasserting the broader downswing.
(The technical analysis of this story was written with the help of an AI tool.)
XAG/USD 4-hour chart
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