Silver price (XAG/USD) has faced sharp liquidation pressure over the last 48 hours, capitulating to a hawkish Federal Reserve outlook that has strengthened the dollar, which resulted in Silver’s prediction to further falls.
Spot prices have retraced significantly from yesterday, currently trading around $68 after running above $95 just 2 weeks ago. This decline extends a volatile period where the metal fell from a weekly high of $74.58, marking a painful rejection for bulls hoping for a sustained rally above the psychological $70 mark.
The technical deterioration has been swift. According to recent data, XAG/USD has logged a near 10% decline over the last seven days, dropping from an open of of $72.86 on March 20.
Market participants are reacting to a combination of rising interest rate expectations and liquidation from leveraged accounts, with experts warning that while the long-term demand from solar and EV sectors remains, the short-term chart structure is unstable. Previous recovery attempts have failed to hold, leaving the metal vulnerable to further downside probing.
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Silver Price Prediction: Can The Metal Defend the $65 Support Level This Week?
Current price action suggests a critical test of support is underway. Trading at $68, Silver is hovering dangerously close to the $65 mark, a level analysts identify as the lower boundary of the current bullish channel.
With a 24-hour change of +2%, momentum indicators on the 2H charts are flashing neutral signals, following a breakdown from a three-week trend.
If the $65 floor gives way, technical selling could accelerate toward subsequent support zones at $63 and potentially as low as $50. Conversely, reclaiming stability would require a push back above resistance at $72, though widely cited analysis suggests valid accumulation zones may be lower (a grim “margin hike” scenario often precipitates such flushes) as seen in prior crashes.
For now, the path of least resistance appears to be downside consolidation unless a catalyst invalidates the stronger dollar narrative.
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