Silver Price Analysis: XAG/USD pillorying continues, Silver extends decline over 11%

XAG/USD continues its downside tumble on Monday, shedding value and slumping back into $21.00.
Silver prices peaked at $23.56 last Friday before stumbling as broad-market risk appetite sours.
Rising US Treasury yields coupled with a climbing US Dollar sees Silver getting knocked lower.

Joshua Gibson FXStreet

The XAG/USD continues to sag, crashing into the $21.00 handle as Monday see Silver prices extend declines kicked off in Friday's broad-market sell-off as investors clamor into the US Dollar in a safe haven bid.

Climbing US Treasury yields are putting pressure on Silver as investors churn on rising expectations of a global recession, coupled with market jitters stemming from the US government's recent budget standoff, where government officials brought the US to the eleventh hour on funding agreements and threatened to spark the fourth US government shutdown in a decade.

The US was able to secure itself a last-minute funding deal, but the temporary measure is set to run out of time once again in mid-November, where budget brinkmanship is expected to again rile global markets.

Forex Today: US Dollar shows its strength, RBA to keep rates unchanged

XAG/USD technical outlook

Hourly candles show Silver essentially in freefall in the near-term, with the XAG/USD down over 11% from Friday's peak at $23.56, and intraday action has pulled the bids far away from the 200-hour Simple Moving Average (SMA) currently turning bearish into $22.80.

Daily candlesticks are not fairing much better, with the XAG/USD failing to catch any meaningful bullish momentum from the bottom of the previous consolidation range, and dropping further into new seven-month lows.

Silver is now down over 12% for 2023, and further bearish momentum will see the XAG/USD even further underwater and set to claim new lows for 2023 below March's bottom near $19.90.

XAG/USD hourly chart

XAG/USD daily chart

XAG/USD technical levels

XAG/USD

Overview
Today last price	21.04
Today Daily Change	-1.15
Today Daily Change %	-5.18
Today daily open	22.19

Trends
Daily SMA20	23.07
Daily SMA50	23.44
Daily SMA100	23.51
Daily SMA200	23.45

Levels
Previous Daily High	23.56
Previous Daily Low	22.12
Previous Weekly High	23.65
Previous Weekly Low	22.12
Previous Monthly High	24.82
Previous Monthly Low	22.12
Daily Fibonacci 38.2%	22.67
Daily Fibonacci 61.8%	23.01
Daily Pivot Point S1	21.69
Daily Pivot Point S2	21.18
Daily Pivot Point S3	20.24
Daily Pivot Point R1	23.13
Daily Pivot Point R2	24.07
Daily Pivot Point R3	24.58

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

AUD/USD stays bid above 0.7100 on Australian trade data, Mideast optimism

AUD/USD clings to minor recovery gains above 0.7100 in the Asian session on Thursday as a new Israel-Lebanon ceasefire keeps a lid on the safe-haven US Dollar. Meanwhile, strong AustralianTrade Balane data also help the Aussie pair sustain the bounce from weekly lows.

USD/JPY hovers near the 160.00 intervention threshold on Mideast tensions

USD/JPY struggles to find acceptance above 160.00 and retreats from a one-month high in the Asian session on Thursday amid fears that authorities will step in again to prop up the Japanese Yen. Furthermore, a new Israel-Lebanon ceasefire caps the US Dollar and supports the currency pair. However, renewed US-Iran tensions keep the downside limited in the Greenback and the pair.

Gold rebounds from one-week low as Israel-Lebanon truce pressures safe-haven USD

Gold gains some positive traction on Thursday and climbs to the $4,475 area during the Asian session, reversing a major part of the previous day's slide to a one-week low. The Israel-Lebanon truce prompts some profit-taking around the US Dollar and supports the commodity.

Ethereum: Long-term holders' capitulation drives ETH below $1,800

Ethereum has fallen below $1,800 on Wednesday, the first time since May 2025 following accelerated spot selling pressure and distributions from long-term holders. The Age Consumed metric, which tracks the movement of previously idle tokens or long-term holders' coins, spiked over the past two days as prices declined, indicating increased selling activity among this cohort.

Kevin Warsh takes the Fed helm: What it means for the US Dollar

The Federal Reserve moves away from the highly predictable "forward guidance" model of the Jerome Powell era to a new “Kevin Warsh environment”, characterized by less communication, more policy surprises, and an increased focus on the Fed's complex balance sheet.

Recession on paper: What really moves the Canadian Loonie now?

Statistics Canada handed the headline writers a gift and the analysts a headache. Real GDP shrank 0.1% on an annualized basis in the first quarter, and with the fourth quarter of 2025 revised down to a 1.0% contraction, that is two negative quarters in a row, the textbook definition of a technical recession and Canada's first since the pandemic.