Silver Nears $70: Will a $90 Breakout Crush Traders?

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XAG Price Analysis: <a href="https://jpyeur.com/silver">Silver</a> Holds Above Major Support as RSI Enters Oversold Area

Silver prices fell sharply as the market retreated from its recent gains and approached important support levels.

Recent market indicators suggest prices might bounce back soon. According to Uray, the Relative Strength Index (RSI) indicates the market is currently oversold, and often a significant drop in price is followed by a temporary recovery.

Silver Tests Key Support

Silver prices have dropped from a recent high, according to Kamile Uray’s analysis. After failing to continue its upward trend, the price has fallen back to around $75, and traders are now seeing if it will find support and bounce back.

The $70.783 level on the X chart is a key support point in silver’s recent price drop. If the price stays above this level, we might see a temporary price increase as some traders close their short positions to realize profits.

Silver’s potential for gains is restricted unless it can surpass key resistance levels. According to Uray, even a temporary bounce in price won’t be enough if it doesn’t move above $90, and silver could still fall further.

The price level between $66 and $60 is a strong area where buyers have shown interest in the past. Traders are likely to pay close attention to this range if the price falls below its current support level, as it could act as a new floor.

Elliott Wave Chart Signals Caution

More Crypto Online is also noting that silver prices are still falling. Based on Elliott Wave analysis, silver (XAG) appears to be dropping in value after a significant increase, and is currently near the bottom of its expected price range.

The chart suggests Silver might fall to the lower end of its current trading range. While there’s still potential for further price declines, it’s currently near a key level where the price could start to rise again.

This perspective aligns with the overall technical analysis. Silver hasn’t recovered much of its recent losses, and recent price movements suggest that attempts to rebound have been weak following the significant drop.

Looking at the charts, the RSI is currently showing overbought conditions, which often suggests we might see a short-term price dip or bounce. However, for that bounce to turn into a sustained upward move, we really need to see the price break through the current resistance level. Until then, it’s likely just a temporary reaction.

$90 Remains the Main Barrier

According to Always Win’s analysis, silver is currently trading above $70 and is expected to potentially rise to $100 in the coming weeks before decreasing again.

The key test right now is whether silver can break past the $90 level. If it keeps rising but struggles to stay above that price, sellers might use any upward movement to push the price back down towards its previous low.

The analyst’s data suggests that if the price clearly rises above $90, the market outlook will improve, increasing the chances of a significant rebound. This could then lead to prices reaching between $96 and $100.

Silver’s direction is currently uncertain. As long as it stays above $70.783, a price increase is still possible. However, if it falls below that level, it could drop to $66 and then $60, though analysts believe a larger upward trend would likely strengthen around the $60 mark.

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2026-05-18 23:26