-
Silver has been making lower highs since reaching a peak of $33.70 last week.
-
The recent price movement is shaping a descending triangle pattern, indicating bearish momentum.
-
For XAG/USD, a break below the $32.60–$32.70 support zone could lead to further declines toward $32.15 and $31.70.
Silver prices (XAG/USD) are recovering losses during Friday’s European session, climbing back above the $33.00 level after a notable reversal in the Asian session.
However, from a broader perspective, the price action remains range-bound, with the 4-hour Relative Strength Index (RSI) oscillating near the 50 mark, signaling a lack of clear directional momentum.
Technical analysis shows that XAG/USD is currently trading within a descending triangle pattern on the 4-hour chart, characterized by a series of lower highs following rejection near $33.70. This pattern typically suggests a bearish bias.
Immediate support lies between $32.60 and $32.70, levels that previously contained selling pressure on May 22 and 25. If this support zone fails, the next key levels to watch are the May 20 low at $32.15 and the May 1 and 15 lows around $31.70.
On the upside, a decisive break above the triangle’s upper boundary, currently near $33.40, would invalidate the bearish outlook and shift focus back to the $33.70 resistance level.
XAG/USD 4-Hour Chart
