Silver Price Analysis: XAG/USD stays defensive at two-month low near $23.00, advocates further downside

Silver Price remains sidelined within “Bearish Megaphone” after refreshing multi-day low.
Steady RSI, sustained trading below 200-HMA and trend-widening formation keep XAG/USD bears hopeful.
Silver price recovery remains elusive below $24.25; bears may witness a bumpy road ahead.

Anil Panchal FXStreet

Silver Price (XAG/USD) remains sidelined around $23.45 amid a sluggish Asian session on Wednesday, after falling to the fresh low in two months the previous day. That said, RSI (14) line’s bounce off the oversold territory and the bullish MACD signals seem to defend the XAG/USD’s latest corrective bounce off the multi-day bottom.

Even so, the bright metal remains on the seller’s radar as it portrays a “Bearish Megaphone” trend-widening chart pattern while connecting levels marked since May 12. Additionally, the Silver Price’s sustained trading below the 200-Hour Simple Moving Average (HMA) keeps the XAG/USD sellers hopeful.

It’s worth noting, however, that the latest trough of $23.11 and the bottom line of the stated megaphone, close to $23.05, quickly followed by the $23.00 round figure, may test the Silver sellers.

Following that, the bullion can drop to the late February swing high of around $22.00, with the $22.70 and $22.20 likely offering intermediate halts during the anticipated fall.

Alternatively, XAG/USD recovery may aim for the 200-HMA hurdle, near $23.75 by the press time. Following that, the stated chart formation’s top line, close to $23.90, as well as the $24.00 round figure may prod the Silver buyers.

In a case where the Silver Price remains firmer past $24.00, a fortnight-old horizontal resistance near $24.25, will act as the last defense of the XAG/USD bears.

Silver price: Hourly chart

Trend: Further downside expected

Additional important levels

Overview
Today last price	23.47
Today Daily Change	0.01
Today Daily Change %	0.04%
Today daily open	23.46

Trends
Daily SMA20	24.67
Daily SMA50	24.3
Daily SMA100	23.38
Daily SMA200	21.97

Levels
Previous Daily High	23.66
Previous Daily Low	23.11
Previous Weekly High	24.21
Previous Weekly Low	23.33
Previous Monthly High	26.09
Previous Monthly Low	23.57
Daily Fibonacci 38.2%	23.32
Daily Fibonacci 61.8%	23.45
Daily Pivot Point S1	23.16
Daily Pivot Point S2	22.86
Daily Pivot Point S3	22.62
Daily Pivot Point R1	23.7
Daily Pivot Point R2	23.95
Daily Pivot Point R3	24.25

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

AUD/USD seems vulnerable near 0.6800, 10-month low amid bullish USD

AUD/USD languishes near a 10-month low during the Asian session on Friday, awaiting a break below 0.6800 before the next leg up amid a bullish US Dollar. Firming Fed rate-hike expectations, along with fading hopes for US-Iran diplomacy, help the USD hold gains at its highest level since April 2025. Moreover, the RBA’s dovish tilt undermines the Aussie and backs the case for further losses.

USD/JPY bulls turn cautious near 160.00 amid intervention risks

USD/JPY enters a bullish consolidation phase around its highest level since early September as bulls turn cautious amid intervention risk near 160.00. Meanwhile, the downside seems cushioned as the wide US-Japan interest rate gap keeps the Yen carry trade active. Furthermore, the possibility of a jumbo Fed rate hike and Middle East uncertainties hold the US Dollar near a 19-month top, supporting the currency pair.

Gold remains on the back foot below $3,900

Gold now alternates gains with losses below the $3,900 mark per troy ounce on Friday. The precious metal struggles to regain traction amid the firmer US Dollar, mixed US Treasury yields and expectations of further tightening by the Fed at its December meeting.

Bitcoin just posted five straight losing weeks, and the storm may not be over yet

Bitcoin is struggling to find support, slipping below $70,000 as multiple headwinds threaten to push the Crypto King lower. The much-anticipated “Uptober” rally failed to materialize, with persistent selling pressure and widespread liquidations instead reinforcing the “Rektober” narrative.

Week ahead – Fed Minutes, inflation data and Nvidia earnings to guide investors

Fed minutes may add to hawkish tone as bets of 50-bps hike grow. Nvidia to report earnings as bar to impress high after spy scandal. Trade and geopolitics to be focal point of Trump-Xi summit.

Gold hit its lowest level of 2026 near $3,850

Gold (XAU/USD) attempts to stabilize around $3,890 on Friday after falling to $3,852 on Thursday, its lowest level since October 2025. The precious metal has lost more than 4% this week, as investors increasingly anticipate further monetary tightening from the Federal Reserve (Fed). The latest decline reflects a sharp change in market expectations.