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From a technical perspective, the daily chart indicates that the short-term outlook for XAG/USD is neutral to moderately bearish after approaching the 100-day simple moving average (SMA). Prices remain below this level, which is limiting further upward movement.
The Relative Strength Index (RSI) is negative, maintaining downward pressure.
In the case of an upward move, a decisive break above the 100-day SMA would help ease the downward pressure, with the psychological level of $81 or the 20-day SMA coming into focus. A move above this level could open the way toward the 50-day SMA, and a sustained break above it would signal a return to the prevailing uptrend.
In the case of a decline, the nearest support is at Tuesday's low, followed by Monday's low around $61.00. A break below these levels would open the way toward the 200-day moving average at $57.99. If the 200-day moving average fails to hold, a deeper correction may begin.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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