FX.co ★ Noahh | XAG/USD, SILVER

Silver Trend Outlook: The analysis of Silver's price behaviors effectively discussed how the price drop completed a bearish pullback, but Silver remains expected to rise despite the RSI turning bearish. The MACD indicator columns have not crossed the zero mark, and the overall trend remains upward. I anticipate a further decline to the demand zone of 67.078-66.958. If a bullish absorption pattern forms, I will look for a buying opportunity with a first target of 69.698. Silver fell 3.96% on Friday after US economic data raised expectations of reduced interest rates and financial stabilization. US economic data showed mixed signals: the S&P index rose while retail sales declined, strengthening the dollar and lowering precious metal prices, including Silver. Friday's daily absorption indicates a further priority of going down, and within the day, I consider selling to the first target of 67.948. For a sale, I expect a correction to the supply zone of 69.128-69.578, and upon forming a pattern, I will proceed with the sale. On a smaller time frame, a corrective upward movement can likely be a buying opportunity, and upon receiving a signal, I will make a buy forecast.

The first support for the XAG/USD pair will be the 50-EMA at 67.078, followed by 67.078. A break of this level could lead to a low of 67.078, potentially resulting in a drop to 67.078. Conversely, if XAG/USD resumes its uptrend, the next resistance level will be the high of 67.078. Breaking this level could allow it to reach the 67.078 mark before surpassing the annual high of 67.078. While Friday's decline indicates potential bearish movement, Silver still has the potential to rise. Key levels to watch include support at 67.078 and resistance at 67.078. Monitoring these levels and market signals will determine future price action.