Silver Remains Weak

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Silver Remains Weak

Silver (Xag/Usd) Remains Weak Near $29.30

Silver (XAG/USD) appears to be struggling to extend its gains made during the last three days and has fallen prey to the sellers. The white metal is currently trading near the $29.30 - $29.35 area with a change of -0.45% for the trading day.

It seems that the recovery drive seen in the Silver (XAG/USD) has come to a standstill. Earlier, the white metal started its recovery after hitting the low during May 2024, but even that seems to have stopped for now.

Silver (Xag/Usd) Trades Below 50 Sma

The technical analysis of Silver (XAG/USD) shows that the precious metal has already lost the 50 SMA. This served as a trigger for the bears to further push the white metal lower, and they are now eyeing the $29.00 support.

On the daily chart of the Silver (XAG/USD), the oscillators are still neutral, which means it is still early to say that the silver is under the grasp of the sellers. That's why experts believe that Silver (XAG/USD) traders need to be cautious and wait until the trend is confirmed.

Meanwhile, the nearest resistance for the Silver (XAG/USD) is seen at the $29.55/60 area, as that's where the 38.2% fib retracement is seen. After that, the next resistance for the Silver (XAG/USD) is at $30.00, which is a static level.

In order for the Silver (XAG/USD) to get out of the near-term bearish pressure, a successful break of the $30.00 is needed. Once this is cleared, the next target for the Silver bulls will be $31.00, $31.50, and then the $32.00.

The other side shows that $29.00 will be strong support in case of a full-blown bearish trend. But if the bears can push the white metal below it, the next stop will be $28.60, $28.50, and then the $28.20 level.

Once all of these levels are turned into resistance, the next target for the silver bears will be $27.50 - $27.40, as a turnaround from this area is highly likely.

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