Silver (XAG/USD) continues to show signs of bearish pressure as the market opens the week with subdued momentum. After testing key support levels, including the 61.8% Fibonacci retracement and the 20-day moving average, silver trades near its recent lows—hinting at potential further downside toward the 50-day moving average.
Silver Market Overview
At the time of writing, silver is trading near $32.89, after a high of $33.31 and a low of $32.89 earlier today. This follows Friday’s low of $32.66, which aligned with the 61.8% Fibonacci retracement of the recent uptrend and found brief support at the 20-Day Moving Average. With multiple technical signals clustering around this region, it provided temporary relief—but bearish momentum is still building.
Bearish Technical Signals: Eyes on the 50-Day Moving Average
If silver breaks below the key level of $32.66, it may trigger a deeper pullback, potentially targeting the 50-Day Moving Average near $32.01. Additional support levels to watch:
- 50% Fib Retracement: $32.53
- 61.8% Full Retracement (Feb 28 swing low): $32.12
- Rising 50-Day MA: $32.01 (currently converging with the retracement zone)
These levels will be critical in determining whether silver stabilizes or extends its bearish correction.
Trend Channel Suggests Further Downside Pressure
Silver remains inside a rising parallel trend channel, but recent failed attempts to break the upper boundary—especially last week’s peak at $34.24—suggest a potential drift toward the lower channel trendline. If silver continues its bearish path, it could test this lower boundary in the sessions ahead.
Bullish Trend Still Intact Above 50-Day MA
Despite near-term weakness, the broader bullish trend remains intact as long as prices hold above the 50-Day Moving Average. Since reclaiming this key indicator on January 29 and confirming support in late February, silver’s longer-term uptrend from the $28.75 December swing low remains valid.
Key Support & Resistance Levels for Silver (XAG/USD)
| Support Levels | Resistance Levels |
|---|---|
| $32.66 – 20-Day MA | $33.40 – Minor Resistance |
| $32.12 – 61.8% Fib | $34.00 – Psychological Level |
| $32.01 – 50-Day MA | $34.24 – Trend High |
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