Will silver price hold $59.81 support as seller pressure continues?

Traders Union
All News
Commodities
Silver drops 1.11% to $60.55 today

Highlights

Silver trades below key short- and long-term moving averages, confirming persistent seller pressure across timeframes.
Technical indicators present mixed signals, with strong downside momentum but several oversold readings pointing to possible exhaustion.
Expected short-term price range is $59.81 to $61.29, with near-term resistance at $60.88 and support at $59.81.

Mixed momentum signals as oversold levels limit further decline

On the technical front, XAG/USD is positioned below its MA-20 ($60.83), above its MA-50 ($60.28) on the H1 chart, and remains well below the MA-200 ($69.52) on the daily chart. Immediate resistance is marked by the Ichimoku Kijun at $60.88. Momentum indicators reveal a mixed picture: MACD signals a strong buy while ADX, RSI (48.9, Sell), and Bull/Bear Power continue to indicate intraday seller pressure. Both Stochastic RSI and CCI are in oversold territory, implying that downside exhaustion may be approaching. The Awesome Oscillator also reflects the prevailing selling bias.

Range-bound outlook as breakout hinges on key resistance

In the next 23 sessions, silver is expected to trade within a range of $59.81 to $61.29, with a 52% probability of a downward move. The base case scenario is for XAG/USD to remain inside this corridor. A potential bullish scenario would require a confirmed breakout above the $60.88 resistance, whereas a bearish case would likely unfold if support at $59.81 gives way.

Viktoras Karapetjanc, expert at Traders Union, sees silver holding above intermediate-term levels despite recent selling pressure. He notes that macro drivers offer little direction, with technical momentum mixed but signs of downside exhaustion emerging. The analyst highlights a base case for range-bound price action, barring a break of nearby resistance or support. He remains constructive, watching for a decisive move. "If silver can reclaim $60.88 with conviction, bulls may regain control, but for now I expect choppy trading within the $59.81–$61.29 corridor."

Earlier, analysts noted that silver prices in Pakistan tracked global declines, reflecting the strong influence of international bullion trends on local markets. The current technical setup suggests a continued period of rangebound trading, with a breakout above $60.88 serving as the next key level for a potential shift in direction.

Source of Data: XAG Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.