Silver Trading at a Crucial Juncture: Can It Hold the Line?
Silver ($XAG ) is looking shaky after failing to maintain its intraday highs. If you’ve been watching the charts today, you’ll notice the price has slipped below the MA60 line on the 15-minute timeframe, which is currently sitting around 79.49. When an asset loses that short-term moving average support, the narrative usually shifts from bullish momentum to defensive positioning.
The chart shows a clear rejection from the 79.70 area, followed by a series of lower highs and lower lows. We are currently sitting at 79.26, which is dangerously close to the 24-hour low of 78.25. The volume profile shows that the recent drop was accompanied by some decent selling pressure, while the buying volume on the bounces has been relatively thin. This lack of aggressive dip-buying is something to keep an eye on.
Performance-wise, while the 7-day trend shows a nearly 11% gain, the longer-term 90-day window is down over 14%. This suggests we are in a relief rally within a larger downward structure, and the current price action might be the start of a cooling-off period.
The immediate level to watch is the 79.20 zone. If buyers can’t step in here to form a base, the next logical stop is the 78.50 level. For the bulls to regain any confidence, the price needs to climb back above 79.50 and consolidate there. Until that happens, the path of least resistance appears to be skewed to the downside.
Short-term outlook: Currently looking weak with bearish momentum building toward the recent daily lows.
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