Silver price dives over 3.80% on Thursday as the precious metals segment tumbles amid overall US Dollar strength and heightened risk aversion amid heightened tensions in the Middle East. The XAG/USD trades at $57.62 after hitting a weekly high of $60.94.
XAG/USD Price Forecast: Technical outlook
The white metal remains downward biased, despite recovering some ground after bouncing off yearly lows of $54.77. The market structure of lower highs and lower lows remains intact, an indication that the downtrend might extend in the near.term
Momentum-wise, remains bearish as the Relative Strength Index (RSI) reversed its course towards the 50-neutral level, aiming lower in bearish territory.
For a bearish continuation, sellers need to drive the price below the July 17 low at $54.77. Once hurdled, the next stop is the $50 milestone. On further weakness, the next area of interest would be the November 21, 2025, swing low of $48.64
On the other hand, if buyers move in and drag Silver above the July 22 day’s high at $60.94, it opens the path towards challenging the July 6 high at $63.38. Above the next key resistance is the psychological $64.00, ahead of the 50-day SMA at $65.79.
XAG/USD Price Chart – Daily
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