The price of silver (XAG/USD) has slipped below the $79 mark, trading at $78.352, down 0.21% on the day, as traders assess the risk of a potential rebound. The metal's short-term outlook remains uncertain, having gained some strength from its daily low but still trading beneath key resistance levels identified by analysts.
Analysts on social media platform X have highlighted specific technical zones. Analyst UGO and The Big Steppers pointed to a selling area between roughly $80.20 and $80.34, with lower support around $78.98. A second chart showed a similar selling zone at approximately $80.19 to $80.36, with support between $78.92 and $78.96. The price has moved down from the top of these ranges, bringing it closer to support and further from resistance.
The chart analysis indicates sellers are currently in control, especially after the price failed to break above the upper zone and moved through the bottom of a key technical box. The development suggests silver needs to hold support in the high $78s; a break below could trigger a more significant decline.
Another analyst, AMForex, shows a chart where silver is retesting previous levels but cautions this is not a confirmed reversal. The setup suggests the possibility of bullish action but "leaves no trade execution without any confirmation." The analyst indicates silver has reached a stage where liquidators may react, but a decisive bullish structure has not yet been demonstrated.
Technically, the session range was tight with a high of $78.528 and a low of $78.263. Late-session activity saw a sharp drop followed by a recovery toward the mid-range. MACD figures show slightly positive momentum, with the MACD line at 0.033 and the signal line at 0.042, implying reduced bearish pressure and a slight recovery building. However, the price remains below the significant resistance zones between $79.80 and $80.30.
The immediate support is seen around $78.26, followed by a structural zone between $78.90 and $78.95. Resistance begins around $79.00 but is more substantial between $80.00 and $80.36. For the outlook to turn brighter, bulls must reclaim this upper area.
