Silver Price Forecast: XAG/USD consolidates losses below $51.00
Source Fxstreet
- Silver bounced up from $50.00 but has failed to find support above $51.00.
- Choppy and directionless trade prevails as investors await the release of delayed US data.
- XAG/USD technical picture remains bearish after last week's reversal from $54.30 area.
Silver (XAG/USD) is showing a mild recovery attempt on Monday. The pair bounced up from $50.00 lows on Friday but is struggling to find acceptance above the $51.00 level. which leaves price action hovering in no man's land, after a sharp reversal from the $54.30 area last week.
Precious metals trimmed losses on Monday, with risk appetite subdued as Japan threatened China with military action if Taiwan were to be attacked. Investors, however, are on a wait-and-see stance, awaiting the release of a stream of delayed US macroeconomic releases later in the week, which is expected to shed some more light on the momentum of the US economy and the Federal Reserve's interest rate decisions.
Technical analysis: Silver has a significant resistance level above $54.00
The technical picture remains bearish, following a sharp reversal from the $54.30 area last week, which highlights a potential double top formation at the mid-range of the $54.00s. This is a common pattern of trend shifts that comes after a 70% rally in the last seven months.
Meanwhile, the lower high on Friday endorses the bearish view, and the weak oscillators, with the 4-hour Relative Strength Index (RSI) depressed below the 50 level, suggest that the current rebound is frail and that a deeper correction may be forthcoming.
Immediate support remains at Friday’s lows of $50.00, which, so far, is closing the path towards the October 23 and 31 highs, near $49.35, and the November 4 low, at $46.95. To the upside, a previous support at the 52.10 area (November 13 low) is likely to challenge bulls ahead of the November 14 high at $53.65 and the long-term highs between $54.60 and $54.80.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
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Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
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The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
