Silver Price Forecast: XAG/USD reclaims $52.00, but bulls appear hesitant before US NFP

• Silver recovers its Asian session losses, halting the overnight retreat from a one-week high.
• Ahead of the US NFP release, apparent caution among traders leaves the intraday rebound without follow-through.
• Conflicting technical signals also suggest caution is warranted before taking directional positions.

With the crucial US Nonfarm Payrolls (NFP) report due, traders appear reluctant to take directional positions, limiting the upside in Silver (XAG/USD). Buying interest emerged near $51.25 during Friday’s Asian session, halting the previous day’s retreat from around the mid-$53.00s, a one-week high. The white metal has reclaimed $52.00 over the past hour.

Technically, resilience emerged in XAG/USD below the $51.70-$51.65 confluence, where the 100-hour Exponential Moving Average (EMA) meets the 50% Fibonacci retracement of the recent decline from late October. With momentum indicators sending mixed signals, this zone provides immediate underlying support and points to continued consolidation rather than a clear trend.

With the Relative Strength Index (RSI) around 46 and the Moving Average Convergence Divergence (MACD) below zero, buying pressure appears to have weakened, although sellers have yet to establish clear control. A further advance could therefore encounter initial resistance at $52.34, the 61.8% Fibonacci retracement. Beyond that, the 78.6% retracement near $53.35 presents a higher hurdle, followed by the recent cycle high at $54.64.

A close back beneath the support cluster around $51.70-$51.65, comprising the 100-period EMA and the 50.0% retracement, would leave the 38.2% level at $50.92 exposed. Should selling pressure intensify, the 23.6% retracement at $50.04 would likely come into focus.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

XAG/USD on the 1-hour chart