Silver price is hanging on by a thread fueling bearish price prediction.
XAG/USD is trading at $71.69, up 1.85% in 24 hours, but the recovery looks shaky. Price revisited lows near $64.00 earlier this week before bouncing. The technical structure has not improved much since.
The macro backdrop is not helping. DXY is sitting near 99.32 with the Fed ruling out rate cuts until inflation cooperates.
The ECB and BoE are singing the same tune. Non-yielding assets like silver do not thrive in that environment.
The recent volatility was brutal. Silver ran to $80.17 on March 18 then collapsed to $65.81 within days. Geopolitical tension in the Middle East is putting a floor under price for now. But the chart still belongs to the bears.
Silver Price Prediction: Can XAG Price Survive the Rejection at $81.00?
Silver’s bounce is not convincing anyone yet.
Price is stuck below key resistance after a brutal week. The 7-day change sits at -8.84% and the broader downtrend from the mid-March highs above $80 is still intact.
A bearish engulfing candle formed earlier this week and that pattern is still calling the shots.
Resistance sits at $80.50. Bulls need to reclaim that level or the next stops are $70 and $67.10. Lose $65.05 and the recovery thesis is dead, with sub-$55.05 coming into view.
To flip the narrative entirely, price needs to push above $85.10 and hold.
RSI is bouncing off oversold territory but the 2-hour chart is printing a U-pattern consolidation. That is not a reversal signal. It looks more like a dead cat bounce until price proves otherwise.
Discover: The best new crypto in the world
The post Silver Price Prediction: Lost 30% in Days and the Fed Just Killed the Recovery Case — Is $65 the Last Line of Defense? appeared first on Cryptonews.
Credit: Source link