Silver is holding onto a tight range on Monday (06/30), with XAG/USD consolidating around the key psychological level of $36.00 at the time of writing.
The metal is under moderate pressure as broader market sentiment favors risk. US equities are holding onto recent gains near record highs. Rising risk appetite continues to weigh on demand for traditional safe-haven assets, capping Silver's upside.
Intraday support has emerged around the current session low of $35.41, which has helped limit Silver's downside moves throughout the month of June.
The daily candlestick shows a small-bodied candle with a clear lower wick, resembling a potential Doji formation.
This type of pattern usually appears when there is a decision in the market. Buyers and sellers are pushing price in either direction, but neither side has gained clear control by the end of the day. The lower wick highlights prior selling pressure that met with buying interest near a key support level.
The 20-day Simple Moving Average provides additional resistance at $36.11. XAG/USD price action, coupled with the Relative Strength Index (RSI) near 55, suggests that the market is potentially in a consolidation phase.
Source: FXStreet
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