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Silver’s price extended its losses for the third straight day and stayed below $27.00 amid increasing geopolitical fears spurred by the Middle East conflict. Despite that, the grey metal failed to gain traction, capped by the rise of US Treasury yields and a strong US Dollar. The XAG/USD trades at $26.59, down 1.38%.
XAG/USD Price Forecast: Technical outlook
Silver’s struggle to remain above $27.00 could pave the way for a deeper pullback and test key support levels. Momentum favors sellers, as the Relative Strength Index (RSI) remains in bearish territory.The XAG/USD first support would be the August 5 low of $26.51, followed by the 200-day moving average (DMA) at $26.06. Once those levels are surpassed, the next demand zone will be the March 27 pivot low at $24.33.Conversely, if XAG/USD makes a U-turn and buyers reclaim $27.00, this can pave the way to test the August 6 peak at $27.56. Once hurdle, the next resistance would be the $28.00 mark ahead of the August 5 high at $28.67.
XAG/USD Price Action – Daily Chart
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