Silver Price Forecast: $50 Returns to Focus After Rejection at $55

• With resistance at $55.00 proving out of reach, XAG/USD retreats towards $53.60.
• At 31.58, RSI nears oversold territory, lending further weight to the bearish outlook.
• A breach of $53.50 would bring $53.00 and $52.67 into focus, with $50.00 a potential subsequent target.

A decline of over 1.45% on Wednesday takes Silver to $53.60 per troy ounce, although the metal remains within its familiar range as investors await the Federal Reserve’s decision. Selling momentum appears to have stalled, but the market structure continues to favour the downside.

XAG/USD Price Forecast: Technical Structure Favours Further Losses

Despite reaching a weekly high of $54.55, Silver has yet to attract sufficient buying to overcome the $55.00 area. A break above that level would open the way for a recovery towards the 22 October high of $58.02, equivalent to a 6% gain for XAG/USD.

At 31.58, the Relative Strength Index (RSI) is nearing oversold territory and continues to give a bearish signal. The easier path for prices therefore remains lower.

A break beneath initial XAG/USD support at $53.50 would leave $53.00 as the next downside target. Further below, the 27 October year-to-date (YTD) low of $52.67 stands ahead of the psychological $50.00 level, which sellers would then target.

XAG/USD Daily Price Chart