Key Moments
- Silver extends its rebound for a second straight session, lifting XAG/USD above the mid-$76.00 area.
- Price action is testing the $76.75 confluence zone, where the 100-hour SMA and 23.6% Fibonacci retracement intersect.
- Upside targets on a confirmed breakout include the 38.2% Fibonacci level at $79.21 and the 50% level at $81.14, while key support is seen near $72.97.
Short-Term Price Action and Market Context
Silver (XAG/USD) is extending the prior day’s recovery from a nearly two-week low near the $73.00 region, with buyers maintaining control for a second consecutive session on Thursday. During Asian trading hours, the metal advanced above the mid-$76.00 area, although it is still trading below the weekly peak registered on Tuesday.
Technical Picture: Focus on $76.75 Confluence Zone
From a technical standpoint, XAG/USD is currently trading just under a critical resistance band at $76.75. This confluence area combines the 100-hour Simple Moving Average (SMA) and the 23.6% Fibonacci retracement of the latest decline from the monthly high. A convincing move through this zone would likely be interpreted as a fresh bullish signal and could open the door to additional near-term gains.
Momentum readings on the 1-hour chart indicate that downward pressure is easing rather than accelerating. The Relative Strength Index is hovering around 57, while the Moving Average Convergence Divergence (MACD) line is positioned slightly above the zero line. In this context, a clean break above $76.75 could shift focus toward the 38.2% Fibonacci retracement at $79.21, followed by the 50% retracement level at $81.14.
| Technical Level | Description | Price |
|---|---|---|
| Immediate resistance | 100-hour SMA & 23.6% Fibonacci confluence | $76.75 |
| Next upside target | 38.2% Fibonacci retracement | $79.21 |
| Further upside target | 50% Fibonacci retracement | $81.14 |
| Key downside support | Cycle low and Fibonacci anchor | $72.97 |
On the downside, the primary structural base is located around $72.97, which aligns with the cycle low and the main Fibonacci anchor for the current move. Should the present advance fade and a pullback resume, this zone is expected to attract more decisive buying interest.
Silver Market Snapshot: XAG/USD 1-hour Chart
XAG/USD 1-hour chart
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