Silver Price Rejection Near $70.00 Triggers Waning Upside Momentum

Silver prices are struggling to break through the $70.00 mark, with the XAG/USD pair sliding back down after failing to reach this psychological level for the second consecutive day.

The white metal reached a two-month high last Friday but has since been facing rejection near $70.00, with its upside momentum waning as indicated by the Relative Strength Index (RSI) easing back towards the neutral 50 area and the Moving Average Convergence Divergence (MACD) slipping into negative territory.

Despite this, the XAG/USD maintains a bullish near-term bias following last week's breakout above the $66.55-$66.60 horizontal resistance, with the white metal holding well above the 200-period Simple Moving Average (SMA) on the 4-hour chart.

The technical setup warrants caution before positioning for an extension of the retracement slide from the two-month high, with immediate support aligning with the $67.00 mark ahead of the $66.60-$66.55 resistance breakpoint.