- Silver remains at Friday’s sales pressure for the third consecutive day.
- Accepted below 23.6% SIBO. Levels support the prospects of additional losses.
- Mixed technology setups pay a certain amount of attention to aggressive bear dealers.
Silver Price Analysis: XAG/USD Extends Decline, Eyes Key Support Near $33.00
Silver (XAG/USD) remains under pressure for the third consecutive day on Friday, slipping towards the $33.00 zone during the Asian session, nearing the one-week low set on Thursday.
Technical Outlook: Key Support and Resistance Levels
From a technical standpoint, XAG/USD has settled below the 23.6% Fibonacci retracement level of its recent rally from late February’s low of around $30.80. This reinforces the potential for further downside. However, despite losing momentum, daily chart oscillators remain in positive territory, suggesting that any further drop may find support near the 38.2% Fibonacci level at $32.95-$32.90.
A sustained break below this area could encourage bearish traders to extend the retracement from the $34.20-$34.25 region—its highest level since October. This could drive silver toward the 50% Fibonacci level at $32.55-$32.50, with a potential drop to $32.00 or the 61.8% Fibonacci level. A decisive break below this threshold would indicate a near-term top.
Upside Potential and Resistance Levels
On the upside, the 23.6% Fibonacci level at $33.40 serves as immediate resistance. A move beyond the Asian session high of $33.55 could push XAG/USD towards $34.00, with further gains targeting the multi-month peak of $34.20-$34.25. Above this, barriers are expected near $34.55 and $34.85—the multi-year peak from October. A breakout above these levels could signal renewed bullish momentum.
Silver Price Action – Daily Chart
