Silver Price Analysis: Capped below $75, as momentum remains bearish

Silver price trims some of its Monday losses, recovering some ground up 0.69% in the day, trading at $73.22 after bouncing off a daily low of $72.42. An improvement in risk appetite is underpinning the precious metals segment. Still, the white metal remains capped by the 20-day Simple Moving Average (SMA) at $75.94, a crucial level for buyers if they would like to challenge the $80.00 figure again.

XAG/USD Price Analysis: Technical outlook

From a technical perspective, further downside is seen as the key 20-, 50- and 100-day SMAs, each at $75.94, $77.77 and $79.52, respectively, stand on the way towards the $80.00 psychological figure.

The Relative Strength Index (RSI) is bearish, but sellers are losing momentum as the index approaches the 50-neutral level.

If Silver finished Tuesday’s session near the week’s lows at around $72.40, expect additional losses. The next support would be the April 29 swing low of $70.86, followed by the $70.00 mark.

Up next, the next area of interest would be the 200-day SMA at $62.52.

XAG/USD Price Chart – Daily