Silver Price Analysis: XAG/USD drops to multi-week lows, bears eye $25

  • Silver extends its slide after closing in the red on Thursday.
  • Next target on the downside could be seen at $25.
  • Near-term bearish outlook to remain intact unless XAG/USD reclaims $27.

Following Tuesday's rebound, the XAG/USD pair lost its traction on Wednesday and fell more than 2%. With the greenback preserving its strength, silver extended its slide and touched its lowest level since late January at $25.62. As of writing, XAG/USD was down 0.75% on the day at $25.90.

Silver technical outlook

On the four-hour chart, XAG/USD continues to trade below the one-week-old descending trend line. On the same chart, the Relative Strength Index (RSI) indicator is staying within a touching distance of 30, suggesting that the pair could make a technical correction before the next leg down.

However, unless the pair manages to break above the trend line, which is currently located around $26.40, and recapture the $26.80-$27.20 area (200 and 100 SMAs), sellers are likely to try to remain in control of prices.

On the downside, the initial support is located at $25.60 (multi-week lows) and XAG/USD could continue to push lower toward $25 (psychological level, static support) if a four-hour candle closes below that level. 

Additional levels to watch for


Today last price 25.81
Today Daily Change -0.34
Today Daily Change % -1.30
Today daily open 26.15
Daily SMA20 27.13
Daily SMA50 26.51
Daily SMA100 25.41
Daily SMA200 24.08
Previous Daily High 26.83
Previous Daily Low 25.84
Previous Weekly High 28.33
Previous Weekly Low 26.14
Previous Monthly High 30.07
Previous Monthly Low 25.9
Daily Fibonacci 38.2% 26.22
Daily Fibonacci 61.8% 26.45
Daily Pivot Point S1 25.72
Daily Pivot Point S2 25.28
Daily Pivot Point S3 24.72
Daily Pivot Point R1 26.71
Daily Pivot Point R2 27.26
Daily Pivot Point R3 27.7



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Take advantage of market volatility with our daily Forex, Crypto and Indices Trade Ideas!

Become Premium!    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD recaptures 1.2050 amid upbeat EZ PMIs, USD decline

EUR/USD is trading above 1.2050 after upbeat Eurozone Preliminary PMIs. The US dollar remains heavily offered across the board amid a mixed market mood, in the wake of Biden's plan for a tax hike. US PMIs awaited. 


GBP/USD holds gains below 1.3900 amid upbeat UK data

GBP/USD is consolidating gains below 1.3900, as the US dollar resumes decline after Biden's tax hike plan fuelled rally fades. The UK Retail Sales and PMIs beat expectations, offering support to the pound. 


Bitcoin, Ethereum and XRP plummet, breaching critical support levels

Bitcoin price has dropped 12.7% since yesterday and shows no signs of stopping. Ethereum price follows the pioneer crypto’s lead and might retest $2,000 again. Unlike BTC or ETH, XRP price shows signs of recovery as long as it stays above a critical demand zone.

Read more

XAU/USD eases from tops, downside remains cushioned

Gold struggled to capitalize on its intraday positive move to the $1,790 region. A modest bounce in the equity markets, US bond yields exerted some pressure. The prevalent USD selling bias should help limit the downside for the commodity.

Gold News

Bionano Genomics Inc runs into technical resistance, put options may work here

BNGO shares have continued to suffer post the retail meme crowd moving on. BNGO shares bounce from lows as DeMark buy signal flashes on Monday. BNGO shares trend up to resistance at 100 day moving average.

Read more