Silver Eyes Lower Prices as Daily Chart Confirms Bearish Setup

Silver (XAG/USD) has seen a price drop to $73.42, down 2.78%, as a descending triangle pattern on its daily chart indicates a potential downside target of $68. This setup follows a significant rejection from its all-time high of $121.67 in January. Weakening momentum and declining volume across multiple timeframes reinforce a bearish outlook. The descending triangle, formed after the January peak, shows silver near its upper boundary, suggesting further declines towards the lower band. Fibonacci levels place the 0.618 retracement at $68.85, aligning with the projected target. A close above resistance at $89 would invalidate this bearish thesis. Technical indicators like MACD and RSI also show bearish signals. On the four-hour chart, a breakdown from an ascending channel and a rejection at $82 further support the bearish sentiment, with a measured move projecting a target of $68, which also coincides with a previous support level and the daily Fibonacci retracement. The fundamental backdrop, with rising inflation expectations and a stronger US Dollar, also weighs on silver.

(Source：BeInCrypto)