Silver (XAG/USD) continues to face pressure in Friday’s session, extending its slide for a third straight day. The metal currently trades just above the $33.00 mark, testing weekly lows as investors remain cautious ahead of potential economic catalysts.
Despite a strong bullish run earlier this month that pushed XAG/USD to the $34.20-$34.25 zone (multi-month highs), the metal has since entered a corrective phase. The pullback has brought prices below the 23.6% Fibonacci retracement level of the February-to-March rally, suggesting fading bullish momentum.
Technical Snapshot (Daily Chart Highlights):
- Key Support: $32.95–$32.90 (38.2% Fibo.), followed by $32.50 (50% Fibo.), and then $32.00 (61.8% Fibo.)
- Immediate Resistance: $33.40 (23.6% Fibo.), followed by $33.55, and then $34.00
- Indicators: RSI is retreating but still in positive territory; MACD remains above the signal line, though momentum is weakening.
Traders should closely monitor the $32.90 zone. A clean break below it could accelerate bearish pressure, potentially opening the door toward the $32.00 psychological level. Conversely, if bulls reclaim $33.40 and $33.55, it would signal renewed buying interest with a chance to retest the $34.00 barrier.
4-Hour Technical Overview:
Below is a 4-hour chart showcasing the recent price action for Silver. The chart reflects a series of lower highs and lower lows, reinforcing the current short-term bearish trend.
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