FX.co ★ GokBoruHunter | XAG/USD, SILVER

XAG/USD H4 Outlook Update On Wednesday in the early part of the European session, Silver (XAG/USD) remains in a tough battle. The price is trying to move through the psychological level of $70.00. The precious metal is trading in the mid-$68.00s at present. The price did not change much from yesterday's levels. The reason for this consolidation at yesterday's levels, amid keen expectations for the release of the US PCE Price Index. In the previous trading week. XAG/USD remains bullish in the short term after breaking above the $66.55-$66.60 resistance. Indeed, on the 4-hour chart, the precious metal is trading above the 200-period simple moving average. Thus, hovering above the 200-SMA, suggesting support for the overall bullish trend. However, while the overall outlook for the precious metal remains positive, the MACD indicator is below zero, which also suggests that buying momentum is not over yet. On the other hand, the RSI of around 53 indicates a neutral market environment, having cooled down from overbought territory. However, the XAG/USD currency pair might receive support near $67.00 before hitting the $67.00 barrier and the resistance levels of $66.60 and $66.55. Meanwhile, any downtrend would bring buyers into the market and be confined to the 200-period Simple Moving Average at $61.58, which indicates a major underlying support area, provided price remains above it. From above, bulls would need to wait for further strengthening and confirmation above the $70.00 level before aiming for gains towards the $71.00 psychological level and the $71.55 resistance level. This would pave the way for gains above the $72.00 level towards the $72.55 medium resistance level, then towards the $73.00 and $73.40 levels.