Silver prices edged lower on Monday, slipping 0.59% as the XAG/USD pair failed to break above the $70.00 resistance level, according to FX Street. After reaching an intraday high of $69.92, the metal retreated and tested the 100-day Simple Moving Average (SMA) support around $68.42.
Following the pullback, silver was last seen trading near $68.52, hovering close to this critical technical support. The 100-day SMA is often watched by traders as a gauge of medium-term momentum, and a sustained breach below this level could signal further downside risks.
For Japanese investors, movements in silver prices are notable given the metal's role as a hedge amid ongoing volatility in global FX and equity markets. The current dip could influence portfolio adjustments as market participants balance risk amid shifting economic conditions.