Silver has held near $70.00 for three straight trading days, moving within a $67.50 to $71.50 range. Price action remains range-bound as neither side has pushed beyond these levels.
The short-term bias is slightly bearish, with resistance at the 100-day SMA of $74.11. Support is seen at the March 23 swing low of $61.02.
After reaching $96.39 on March 2, silver formed a run of lower highs and lower lows. The decline paused when price failed to break below the $61.00 area, followed by a rebound towards $70.00 and consolidation.
The RSI is bearish and remains below the 50 level. While it stays under 50, downside pressure may persist.
If XAG/USD falls below $60.00, focus turns to the 200-day SMA at $57.85. Below that, levels to watch include $55.00 and then $50.00.
If silver breaks above $71.50, the next resistance is the 100-day SMA at $74.11. Above $74.11, price may move towards the 20-day SMA at $77.05, then $80.00.
Silver is consolidating around the $34.00 mark, trading within a tight range between $33.20 and $34.80 for the past week. This sideways movement indicates that neither buyers nor sellers have enough conviction to establish a clear direction. The market appears to be waiting for a new catalyst after the recent economic data releases.
Our short-term bias is cautiously bearish, with the price capped by resistance at the 100-day Simple Moving Average (SMA) of $35.10. On the downside, silver is finding support near the March 19th low of $32.80. This technical posture suggests that the path of least resistance may be lower in the immediate term.
We remember the strong rally in the last quarter of 2025, but the price has been printing lower highs since it peaked near $37.50 in February. The downtrend paused when sellers failed to push below the $32.00 level, leading to the current consolidation. This suggests the market is taking a breath and digesting those earlier gains.
Adding to the pressure, the Federal Reserve’s minutes from last week signaled a “higher for longer” stance on interest rates, making non-yielding assets like silver less attractive. We have also seen silver ETF holdings drop by nearly 2% in March, showing waning investor appetite. Statistics from the COMEX show managed money traders have been reducing their net long positions.
If silver breaks below the $32.80 support level, traders should consider buying puts or establishing short futures positions. The next significant area of interest would be the 200-day SMA, currently around $31.50. A failure to hold that level would likely trigger a move toward the psychological support at $30.00.
On the other hand, if buyers manage to push the price firmly above the $35.10 resistance, it could signal an end to the current weakness. This would be a cue to look at call options, with an initial target at the February high of $37.50. A successful break of that resistance would bring the $40.00 milestone into view.
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