Silver Price Forecast: XAG/USD depreciates to near $28.50 due to bearish bias
Trending Articles- Gold Price Forecast: U.S.-Iran Negotiations Face Uncertainties, Gold May Fall Below $4,400
- Gold declines to near $4,500 as renewed US‑Iran tensions, Fed tightening bets weigh
- Gold Falls Below $4,400 for First Time in Two Months. Institutions Lower Gold Price Forecasts as Market Expects PCE to Approach 4%
- Bitcoin loses $73,000 as US-Iran escalation, ETF outflows deepen crypto market sell-off
- Forex Today: Yet to be confirmed US-Iran MOU caps US Dollar's upside
- Gold edges higher above $4,550 on US-Iran peace optimism
Silver price faces challenges as daily chart analysis suggests a bearish bias.
The MACD line has crossed below the signal line, indicating potential downward pressure on the Silver price.
Silver price may navigate the area around the lower boundary of the descending channel at the level of $27.70 level.
Silver price (XAG/USD) extends its losses for the third consecutive day, trading around $28.50 per troy ounce during Tuesday’s Asian hours. The analysis of the daily chart shows that the pair is positioned within a descending channel, suggesting a bearish bias. Additionally, the 14-day Relative Strength Index (RSI) is positioned below the 50 level, confirming a bearish trend.
The momentum indicator Moving Average Convergence Divergence (MACD) line has crossed below the signal line, it is generally considered a bearish signal. This crossover suggests that the momentum is shifting from bullish to bearish, indicating potential downward pressure on the Silver's price.
In terms of support, the Silver price may navigate the region around the lower boundary of the descending channel at the level of $27.70 level. A break below this level could strengthen the bearish bias and drive the asset’s price toward throwback support $26.50 level.
On the upside, the Silver price tests an immediate resistance at the upper boundary of the descending channel around the nine-day Exponential Moving Average (EMA) at the $28.97 level. A breakthrough above the latter could lead the XAG/USD pair to explore the region around the three-month high at the $31.76 level.
XAG/USD: Daily 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.
