Silver Price Forecast: XAG/USD languishes below $74.00 ahead of Fed interest rate decision
XAG/USD is trading near $73.00 amid a near-term bearish trend from mid-April highs above $83.00. The pair found support at the 50% Fibonacci retracement of the March-April rally, near $72.00, but upside attempts remain limited for now. The 4-hour Relative Strength Index (RSI) hovers below the 50 line, and the Moving Average Convergence Divergence (MACD) histogram remains below zero, pointing to a neutral-to-negative tone, with the pair lacking momentum to sustain a significant recovery. Bulls would need to break session highs in the mentioned $74.00 area and last weeks highs between $76.70 and $77.00 to negate the bearish structure and attract buyers to retest the $80.00 psychological area. On the downside, a break below the $72.12 Fibonacci floor would expose deeper supports at the 61.8% Fibonacci retracement near $69.50 ahead of the April 7 low, near $68.30.