XAG/USD remains capped below 100-day SMA

From a technical perspective, the near-term outlook for XAG/USD is neutral to bearish, as prices remain capped below the 100-day Simple Moving Average (SMA) at $74.96 after slipping below it earlier this month.

The Relative Strength Index (RSI) hovers near 40, indicating weak momentum and keeping downside pressure intact without signaling oversold conditions. The Moving Average Convergence Divergence (MACD) indicator remains below zero, though the line edges higher toward the signal line, which hints at fading bearish momentum rather than a confirmed shift higher.

Immediate resistance emerges at the 61.8% Fibonacci retracement at $74.43, measured from the $61.01 low to the $96.15 high, with the 50% retracement at $78.58 as the next hurdle if a bounce extends.

On the downside, initial support is seen near the recent lows around $68, which converges with the 78.6% retracement at $68.53, forming a key defensive area for buyers.

A decisive break below this zone would expose the psychological $65 handle and bring the 200-day SMA near $58 into focus, while recovery above $74.43 would ease immediate bearish pressure and open the way toward $78.58.