Silver price (XAG/USD) collapsed as buyers got rejected at the 50-day Simple Moving Average (SMA) at $78.73, as geopolitical headlines dominated price action on Thursday. The XAG/USD trades at $75.40, down 3%.
XAG/USD Price Forecast: Technical Outlook
The white metal is forming a ‘bearish engulfing’ pattern on the daily chart, indicating further downside lies ahead. The 20-day Simple Moving Average (SMA) serves as key support at $75.28, while immediate resistance lies at the $75.00 psychological level.
Silver’s hourly chart shows that the short-term downtrend continues after XAG tested the 61.8% Fibonacci retracement drawn from the day’s high of $78.38 to the low of $74.19. Since then, the non-yielding metal has extended its losses, surpassing the 38.2% Fibonacci level, with eyes set on $75.00 ahead of testing the daily low.
If those two levels are cleared, the next stop would be the April 13 daily low of $73.57, followed by the current week’s low of $72.61.
XAG/USD Price Chart – Hourly
XAG/USD hourly chart
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