Silver Support and Resistance – XAG/USD Analysis Today

Trump’s conciliatory statements following military strikes on Iran sparked demand for silver, driving prices to break resistance around the $65.80/oz level and test resistance near $68.00. Selling interest emerged at that level, causing prices to pull back to the $65.80 mark, which is now acting as support. Demand may persist here, potentially leading to attempts to rise toward the 66.80–67.40 range. A break below this support would trigger a decline toward the $65.00–64.40/oz area. At present, there are no signs of a reversal of the downtrend.

Silver’s consolidation within a broad range—between support near $63.40 and resistance at $65.80 per ounce—ended with a break below support and a drop in the metal's price to the 61.55 level. Short-covering is driving a recovery; the price has broken back above the $63.40 level (which had previously acted as support and is now resistance), and bulls are currently testing resistance near 64.45. Clearing this level would pave the way for a rise toward the 65.20–65.60 range—where selling interest may persist—though the metal could well continue its recovery toward the 66.80–67.40 levels. A failure to hold the $63.40 support would lead to a decline toward the 63.00–62.80 range.

Another rebound in silver prices to the resistance area around $69.00 per ounce prompted selling, causing the metal to break below support near $66.50 and plummet to the support level around $63.50. Upside pullbacks are now capped by resistance near $65.30. Below this level, there is a prevailing risk of a support break and a decline toward the $63.00–$62.50 range. A break above resistance would lead to a rise toward $66.00–$66.50, a level where silver could face renewed selling pressure.

Silver also remains under bearish control, limiting upward attempts to the resistance zone around $68.60–$68.85 per ounce. Immediate support lies near the $67.60 level; the risk of a breakout remains high, and should it occur, a decline toward $67.00–$66.60 is likely. Breaking the latter level would increase the risk of a drop to $66.20–$65.80. Clearing the $68.60 resistance would trigger a rise toward $69.00–$69.40 per ounce. Such a rally could be used as an opportunity to sell.