Silver Price Forecast: XAG/USD trades near $64.50 after rebounding from 15-week lows

Silver price (XAG/USD) continues its losing streak for the fifth consecutive day, down by nearly 5%, and is trading around $64.60 per troy ounce during the European hours on Monday. The technical analysis of the daily chart timeframe shows that the metal price moves downwards within the descending channel pattern, suggesting a persistent bearish bias.

The near-term bias turns bearish as price slips decisively below the 50-day Exponential Moving Average (EMA) and extends its decline away from the nine-day EMA, confirming persistent downside pressure after a protracted consolidation phase.

The 14-day Relative Strength Index (RSI) is at 30.07, nearing oversold territory, underscoring strong selling momentum, though it also signals that the current leg lower is approaching stretched conditions, with further direction hinging on how price reacts to nearby resistance on any rebound.

On the downside, the silver price recorded its 15-week low of $61.01 on Monday. Further declines would open the doors for the white metal price to explore the region around the lower boundary of the descending channel, around $21.00.

Silver price may rebound toward the nine-day EMA at $74.72, followed by the upper descending channel boundary near the 50-day EMA at $80.36. A break above this confluence resistance zone would cause the emergence of the bullish bias and support the XAG/USD pair to explore the region around the all-time high of 121.66, which was recorded on January 29.

(This story was corrected on March 23 at 10:40 GMT to mention that the 14-day Relative Strength Index is at 30.07, nearing oversold territory, not at 28.92 in oversold territory.)

(The technical analysis of this story was written with the help of an AI tool.)