Silver Price Forecast: XAG/USD falls toward $74.00 as bearish bias prevails

Silver may test support near the four-month low of $61.01.

The 14-day Relative Strength Index at 47.16 suggests weak directional conviction.

XAG/USD remains near immediate resistance at the nine-day EMA around $74.75.

Silver price (XAG/USD) depreciates after two days of gains, trading around $74.30 per troy ounce during the European hours on Monday. The technical analysis of the daily chart timeframe shows that the metal price is moving within the descending channel pattern, suggesting a persistent bearish bias.

The white metal holds a bearish near-term bias as it remains under both the nine-period and 50-period Exponential Moving Averages (EMAs), keeping the recent rebound capped beneath a declining short- and medium-term trend structure.

The 14-day Relative Strength Index at 47.16 sits just below the neutral band, hinting at a lack of strong directional conviction but failing to offset the negative tone implied by price action below these key averages.

On the downside, the silver price may navigate the region around the four-month low of $61.01, which was recorded on March 23. Further declines would put downward pressure on the metal price to test the lower boundary of the descending channel, around $47.10.

Silver price remains close to the immediate barrier at the nine-day EMA of $74.75, followed by the 50-day EMA at $76.79 and the upper descending channel boundary around $78.90. A sustained break above this confluence resistance zone would cause the emergence of the bullish bias and support the XAG/USD pair to target the three-month high of $96.62, reached on March 2. Further advance would expose the all-time high of 121.66, which was recorded on January 29.

(The technical analysis of this story was written with the help of an AI tool.)