Silver Slides Near Two-Month Low on Bearish Technicals
Silver prices are trending downward, nearing a two-month low after failing to extend its bounce from $60.30. This comes as market participants await key U.S. data releases, including the PCE Price Index and final Q2 GDP figures.
From a technical standpoint, XAG/USD continues to exhibit a bearish tone, with the metal trading below the horizontal support break at $62.20-$62.25 and beneath the 200-period Exponential Moving Average (EMA) on the 4-hour chart at $64.28.
The Relative Strength Index (RSI) hovers near 35, signaling weak momentum, while the Moving Average Convergence Divergence (MACD) indicator has just nudged into slightly positive territory, suggesting a tentative attempt at recovery.
Any near-term rallies are likely to be shallow, with initial resistance seen around $61.80-$61.85 and $62.00, followed by the $62.20-$62.25 zone, which has turned from support into a barrier.