Silver Price Takes a Hit as Strong Dollar Cuts Through Support

The US Dollar's firmness near a two-week top is capping the price of XAG/USD, which remains under pressure below its 200-day Exponential Moving Average (EMA) at around $64.13.

This technical indicator suggests that the white metal has a mildly bearish tone in the short term. However, it's worth noting that XAG/USD trades above the 50% Fibonacci retracement of the July-August upswing at approximately $62.94 and the 61.8% retracement at $61.06.

The Relative Strength Index is around 46, indicating that momentum still favors a downside move unless the XAG/USD regains its 200-day EMA. If this happens, it would be followed by the 38.2% Fibonacci retracement level near $64.82 and the 23.6% level at $67.15.