FX.co ★ GokBoruHunter | XAG/USD, SILVER

Silver (XAG/USD) H4 Outlook Update On Thursday, Silver (XAG/USD) returned to its overall downward trend, falling to daily lows below $56.00 as the price reversed impulsively following a rally in the $58.00 region. The precious metals have been under pressure on Thursday due to rising Oil prices, enabling Silver bears to test the year-to-date (YTD) lows of $54.77. Oil prices found fresh momentum on Thursday, driven by reports that Israel is contemplating renewed attacks on Iran following the US midterm elections, making it difficult for negotiations to end the conflict. Moreover, strikes from the Houthis, who are supported by Iran, on Saudi Arabia have become more frequent. An attack using drones targeting Aframco's Shaybah Oil field has claimed two lives and has brought back worries of disruptions to the supply of Saudi Oil. The price of Brent Crude has surged above 2% for the past two days and is trading above $108.00 per barrel, not far below the five-month high of $109.37 in May. The pair XAG/USD is priced at $55.98 and is trading inside a large downtrend channel where momentum oscillators reflect an increasing bearish pull. At the same time, the RSI(14) indicator shows readings close to 36, which reflects ongoing downward pressure but not in oversold conditions, while MACD has already gone into the negative zone, indicating fragile attempts at recovery amid the downtrend pattern. Support can be seen at the levels of last week's lows near $55.10 and $54.77 – the 2026 low. Below, we can mark $53.65 – the lower level of the bearish channel formed from August highs. From the upside, resistance is found at the level of the recent high near $58.501 and the upper level of the descending channel at $60.35, followed by October highs at $62.00.