- Silver retreats from a high of $36.83 and trades at $36.16 as the US Dollar and yields edge higher.
- A bearish engulfing candle forms; weekly close above $36.00 remains key for bullish structure.
- A breakdown below $36.00 exposes $35.68 and $35.29; bulls must retake $36.83 to resume upside.
Silver price sinks more than 1% on Friday, ahead of the weekend, after refreshing a five-day high of $36.83, ahead of $37.00. At the time of writing, XAG/USD trades at $36.16 due to a slight recovery in the US Dollar and rising US Treasury yields.
XAG/USD Price Forecast: Technical outlook
Silver price retreated, forming a ‘bearish engulfing’ candlestick chart pattern, which opens the door for testing lower prices. It should be said that achieving a weekly close above $36.00 keeps the latter at a strong support level, with buyers eyeing higher prices.
Nevertheless, for a resumption of the uptrend, bulls need to reclaim the June 26 peak at $36.83. Once surpassed, the next zone of interest would be $37.00, followed by the yearly peak of $37.31. Conversely, if Silver slides below $36.50, expect a test of $36.00. Further downside lies in the June 24 daily low of $35.68, followed by the latest cycle low of $35.29.
XAG/USD Price Chart – Daily
