Silver Price Analysis: Silver price in steep sell-off after touching top of four-year range

Source Fxstreet
  • Silver price is declining after touching the top of a four-year consolidation range at roughly $30.00. 
  • XAG/USD has fallen to $27.00 and could decline further with support not materializing till $26.00. 

Silver (XAG/USD) price has continued to sell-off after being rejected by the top of a long-term range at just below $30.00 (green line) on April 12.

The precious metal is now in the midst of a steep decline and will probably continue lower till support materializes from the top of a smaller year-long range at $26.00.

Silver Daily Chart

The Moving Average Convergence/Divergence (MACD) momentum indicator has crossed below its signal line, indicating Silver has probably reversed its medium-term trend and is set to move even lower. The signal is improved by the fact that MACD is a more reliable indicator in markets that are not strongly trending such as that of Silver. 

Silver price will probably fall to support from the former range highs at $26.00. At that level it could base and recover. A decisive break below $26.00 would return Silver to inside its year-long range and possibly the lower trendline at roughly $23.00. 

Only a decisive break above the 2021 high of $30.07, however, would reverse the bearish picture and suggest Silver was going higher. Such a move would also signal a breakout from the whole four-year consolidation with an initial target at $32.40 where former resistance lies. 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold Price Forecast: XAU/USD keeps looking for direction above $4,500Gold (XAU/USD) trades lower for the second consecutive day on Friday, but remains contained within previous ranges, with downside attempts limited above the $4,500 line for now.
Author  FXStreet
12 hours ago
Gold (XAU/USD) trades lower for the second consecutive day on Friday, but remains contained within previous ranges, with downside attempts limited above the $4,500 line for now.
placeholder
US President Donald Trump will swear in Kevin Warsh on Friday to lead FedThe US President Donald Trump administration said that Trump will swear in Kevin Warsh as ‌the chair of the US Federal Reserve (Fed) on Friday at the White House, Reuters reported on Thursday.
Author  FXStreet
22 hours ago
The US President Donald Trump administration said that Trump will swear in Kevin Warsh as ‌the chair of the US Federal Reserve (Fed) on Friday at the White House, Reuters reported on Thursday.
placeholder
Nvidia Q1 Revenue Surges 85%, Data Center Business Accounts for 90%, Blowout Results Fail to Stop Stock VolatilityAs the absolute leader in the global AI industry chain, NVIDIA ( NVDA) delivered a quarterly earnings report that surpassed Wall Street's general expectations as anticipated.After the mar
Author  TradingKey
Yesterday 09: 55
As the absolute leader in the global AI industry chain, NVIDIA ( NVDA) delivered a quarterly earnings report that surpassed Wall Street's general expectations as anticipated.After the mar
placeholder
Is US-Iran Conflict About to End? Crude Oil Plummets, Gold Hits $4,500Tensions between the US and Iran showed clear signs of easing on Wednesday (May 20), leading to a plunge in the crude oil market while gold ( XAUUSD) continued its rally.WTI crude oil dai
Author  TradingKey
Yesterday 06: 16
Tensions between the US and Iran showed clear signs of easing on Wednesday (May 20), leading to a plunge in the crude oil market while gold ( XAUUSD) continued its rally.WTI crude oil dai
placeholder
Gold holds steady near $4,550 as market eyes Middle East developmentsGold price (XAU/USD) trades on a flat note around $4,540 during the early Asian session on Thursday. Traders continue to assess the developments surrounding stalled US-Iran peace negotiations and threats to the Strait of Hormuz.
Author  FXStreet
Yesterday 02: 03
Gold price (XAU/USD) trades on a flat note around $4,540 during the early Asian session on Thursday. Traders continue to assess the developments surrounding stalled US-Iran peace negotiations and threats to the Strait of Hormuz.
Related Instrument
goTop
quote