Saad Ullah
Silver (XAG/USD) is under pressure after losing a key support level, with momentum now favoring bears. Price action and technical indicators point to the potential for deeper pullbacks if further support zones fail to hold.
Silver Breaks $37.959 Support: Next Stop $36.979?
The silver (XAG/USD) price has slipped below the critical $37.959 level, marking a bearish technical signal. If the $36.979 support fails next, the asset could see an extended pullback toward the $35.837 area — a level that aligns with a previous demand zone and key Fibonacci retracement.
Current market conditions show a retracement from recent highs, with short opportunities emerging in the futures market as bearish momentum builds. Silver is currently priced at $37.746, down 1.01%, signaling growing seller interest.
Bulls May Return at $35.837 — But Caution is Key
Traders looking for long entries are advised to wait for confirmation. A suggested strategy is to monitor for two consecutive daily closes above $35.837 before considering a bullish reversal.
This area is expected to act as a pivot for the next wave of accumulation. A failure to hold this level could extend the correction deeper, while a successful defense might trigger a new leg up. Volume and RSI indicators should be watched closely in the coming sessions.
Saad Ullah
