Silver prices collapse nearly 2.50% on Wednesday as risk aversion drives traders towards buying the US Dollar, to the detriment of precious metals. At the time of writing, the XAG/USD trades at $58.41 after waking at around $61.03.
XAG/USD Price Forecast: Technical outlook
Silver is still downward biased, extending the series of successive lower highs and lower lows, besides its trading below the 200-day Simple Moving Average (SMA) at $70.19.
The Relative Strength Index (RSI) is bearishly biased as the index approaches oversold territory.
For a bearish continuation, if XAG/USD dives below the June 30 daily low of $56.61, this clears the path towards $55.79, the June 26 swing low. Below this level, the next area of interest is the November 13, 2025, daily low-turned-support at $54.39, ahead of the $50.00 figure.
On the upside, buyers must clear the latest cycle high of $63.28, the July 6 high, followed by the June 22 daily peak at $67.17, ahead of the $70.00 figure.
XAG/USD Price Chart - Daily
Silver daily chart
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