Silver Price Forecast: XAG/USD consolidates above $79.00; bearish bias intact ahead of Fed
Trending Articles- Gold drops below $4,700 on stronger US Dollar, Middle East tensions
- Bitcoin Returns to $79,000 Level. Prediction Markets Bullish on Breaking $80,000 in April
- Gold holds steady near $4,600 as Fed rate decision looms
- Fed FOMC Meeting Is Approaching: Where Is the Focus? Will There Be More Rate Cuts This Year?
- Goldman Sachs: Structurally Bullish on Gold to $5,400, But Warns of Short-Term Pullback
- WTI sticks to modest gains above $94.00 as Hormuz standoff fuels supply concerns
Silver struggles to gain any meaningful traction as traders keenly await the FOMC decision.
The recent breakdown below a one-month-old ascending trend-line favors bearish traders.
The said support breakpoint coincides with the 200-SMA on H4 and should cap any recovery.
Silver (XAG/USD) lacks a firm intraday direction and oscillates in a narrow range during the Asian session on Wednesday as traders opt to wait on the sidelines ahead of the crucial FOMC rate decision. The white metal currently trades around the $79.35 area, nearly unchanged for the day, although the near-term bias seems tilted in favor of bearish traders.
The upward sloping trend line from $66.65 has been decisively broken around $83.45, reinforcing a shift toward downside risk. Moreover, the XAG/USD holds below the rising 200-period Simple Moving Average (SMA) on the 4-hour chart near $83.00, signaling that the broader uptrend is under pressure while not yet fully reversed.
Meanwhile, the Moving Average Convergence Divergence (MACD) line has recovered toward the zero line and signal line, but with only marginal positive readings, it hints at fading downside momentum rather than a clear bullish reversal. The Relative Strength Index (RSI) around 38 stays below the 50 midline, consistent with prevailing selling pressure despite the recent loss of downside speed.
Immediate resistance emerges at the broken trend-line and 200-period SMA area around $83.00–$83.50, where a confluence of dynamic and former structural support now caps recovery attempts. A sustained break above that zone would open the way toward the mid-$86.00 region, where recent consolidation highs could attract renewed supply.
On the downside, initial support sits near $79.00, in line with the latest base formation, followed by the $78.00 area as the next cushion if bears extend control. A clear drop through $78.00 would expose deeper retracement levels toward the mid-$76.00 region, whereas holding above $79.00 would keep the metal in a consolidative pause within a broader corrective downswing.
(The technical analysis of this story was written with the help of an AI tool.)
XAG/USD 4-hour chart
Read more
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
