Silver Price Forecast: XAG/USD Falls Below $36.20 Following Bearish Reversal, US Yields Rebound

Silver Prices Drop from Highs as US Dollar Strengthens
Key Bearish Signal on Silver Chart; Stability Above $36 Crucial
Potential Silver Price Decline if Support Breaks; Eyes on $36.83 for Recovery

On Friday, silver prices declined by over 1% ahead of the weekend, retracting from a five-day peak of $36.83. Currently, the XAG/USD pair is trading at $36.16, influenced by a strengthening US Dollar and an uptick in US Treasury yields.

XAG/USD Price Forecast: Technical Analysis

The silver market displayed a ‘bearish engulfing’ chart pattern, suggesting potential for further price declines. However, maintaining a weekly close above $36.00 would provide robust support, with the market potentially aiming for higher levels.

To continue the upward trend, it is essential for buyers to push the price above the recent high of $36.83. Surpassing this level could lead to testing the $37.00 mark, and potentially reaching the annual high of $37.31. On the downside, a drop below $36.50 might bring the price down to $36.00, with further support at the June 24 low of $35.68 and the cycle low of $35.29.