Silver (XAG/USD) is trading within a
descending channel, with lower highs and lower lows developing since the
late-August peak near $71.00. Price is currently around $61.31, near the lower
part of the channel after a sharp rejection from the $66.28 area.
Major Resistance In Focus
The $66.28 level is a key technical pivot
and sits inside the largest volume cluster on the profile. Silver briefly
recovered into this area in September but failed to hold above the level,
reinforcing $65.00-$66.30 as an important resistance zone.
Volume Profile
The volume profile shows heavy trading
activity around $63-$67, but participation becomes thinner below the current
price. A separate high-volume area is visible around $57.50-$59.00, making that
region an important reference if the current decline continues.
Channel Support
Price is now approaching the lower
trendline of the descending channel. The nearby $60-$61 region therefore
represents the immediate technical test, while the previously marked $55.53
support remains the larger structural level below.
Momentum Remains Soft
RSI is currently near 41, below both the neutral
50 level and its signal line around 47. This reflects weaker momentum following
the rejection from higher levels, although RSI remains comfortably above
oversold territory.
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