Silver (XAG/USD) edged higher on Tuesday, trading around $59.70 and marking a nearly 2.5% gain on the day, as the US Dollar (USD) trimmed part of its intraday gains despite positive US economic data [1]. The US JOLTS Job Openings increased to 7.594 million in May from April's revised 7.585 million, surpassing market expectations of 7.3 million, while the Conference Board's Consumer Confidence Index rose to 91.2 in June from 90.6 in May [1]. The US Dollar Index (DXY) traded near 101.10 after reaching an intraday high of 101.43, and is on track for a second consecutive monthly gain, which has contributed to Silver's nearly 20% decline this month as hawkish Federal Reserve expectations continue to support the Greenback and pressure the non-yielding metal [1].
From a technical perspective, XAG/USD maintains a bearish near-term bias, remaining capped below the 100-period Simple Moving Average (SMA) at $64.32 and the 200-period SMA at $69.68 on the 4-hour chart [1]. The price is also trading under a downward resistance trend line, with a break point at $63, while the horizontal barrier at $60 is being challenged but not yet reclaimed [1]. Momentum indicators show some improvement, with the Relative Strength Index (RSI) rising toward 54 and the Average Directional Index (ADX) easing toward 38, suggesting a consolidative phase within a broader downside structure [1].
On the daily chart, XAG/USD remains under bearish pressure, trading well below its 50-day, 100-day, and 200-day SMAs [1]. The RSI has modestly recovered from oversold territory but remains weak at around 35, indicating that bearish momentum is easing without signaling a trend reversal [1]. The ADX near 37 points to a strong underlying trend, suggesting sellers continue to dominate despite recent stabilization [1]. Immediate resistance is at $60, with further resistance at $63, $64.32, $69.68, $69.73, $72.28, and $75.55, while notable support is near $50.00 [1].
Overall, the technical outlook and recent price action indicate that rallies toward the $60-63 area are likely to struggle as long as XAG/USD remains beneath clustered moving averages and trend resistance [1].
CONCLUSION
Silver's attempt to reclaim the $60 level comes amid persistent bearish pressure and a strong US Dollar, with technical indicators suggesting limited upside potential in the near term. Despite a modest intraday recovery, the broader trend remains negative, and rallies are expected to face resistance unless key technical levels are breached. Market participants should remain cautious as sellers continue to hold the upper hand.