Silver (XAG/USD) experienced renewed selling pressure during the Asian session on Tuesday, falling back toward the mid-$66.00s after failing to sustain the previous day's recovery from the $61.00 mark, which was its lowest level since December 12 [1]. The metal remains vulnerable to extending its two-week-old downtrend, with technical indicators signaling continued bearish momentum. Last week's breakdown and daily close below the 100-day Simple Moving Average (SMA) for the first time since April 2025 were identified as key triggers for the bearish sentiment, placing silver in a downside phase within a broader uptrend context [1]. The Moving Average Convergence Divergence (MACD) has turned negative, with its line holding below the signal and an expanding negative histogram, indicating strengthening selling pressure [1]. The Relative Strength Index (RSI) is around 33, below the 50 midline and approaching oversold territory, further reinforcing the downside momentum [1]. Support is currently seen near $67.00, with a sustained break below this level exposing $63.00 as the next support area, followed by $60.00, where dip-buying could attempt to stabilize the broader bullish structure [1]. On the upside, immediate resistance is located at the recent breakdown zone near $73.00, aligned with the 100-day SMA around $74.00. Any rebound would likely face initial selling interest at these levels, and a daily close above them could open the way toward $80.00 and potentially $85.00 as further resistance [1].
CONCLUSION
Silver's price action remains bearish, with technical indicators pointing to continued downside risk and key support levels at $67.00, $63.00, and $60.00. Resistance is expected near $73.00 and $74.00, with further upside capped at $80.00 and $85.00. The market is likely to remain under pressure unless a significant rebound occurs above the 100-day SMA.