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<a href="https://investment-policy.com/silver">Silver</a> Price Slides to $73 as $71 Support Becomes Make-or-Break

Silver’s price fell 2.1% on Thursday, closing in on $73. This move brings the price close to a recent low of $71. If that level is broken, silver could fall further, potentially reaching a long-term support level around $69.

The Relative Strength Index (RSI) is currently hovering near an upward trendline that’s been supporting price increases since late March. Traders are watching closely to see if buyers will step in to maintain this trend, or if the price will fall below it.

Silver Price Tests $71 Support on Daily Chart

Looking at the daily price chart, silver clearly signaled a potential shift on May 7th when it moved above a downward trendline. The price then briefly dipped back to test this line as support on May 8th, 19th, and 20th. Now, the price is moving towards the trendline again, potentially for a fourth test of its new support level.

If the price stays above $71, it suggests a continuing upward trend and could lead to another attempt to reach the $83 resistance level. If it breaks through $83, the next price target to watch would be around $89, based on Fibonacci retracement levels.

A $71 price drop significantly alters the market outlook. The next key support level is around $69, based on the 0.618 Fibonacci retracement. This price hasn’t been seen since the market fell to $63 in February.

The $71 level is a key area to watch because it combines several important technical indicators. It’s where a recent low, a downward trendline test, and the start of stronger Fibonacci support all converge, making it a significant potential turning point.

Daily RSI Clings to Its Ascending Trendline

Looking at the momentum, it’s essentially echoing what I see in the price action. Right now, the daily RSI is at 43, and it’s bumping right up against an upward trendline that’s been supporting every pullback we’ve seen since late March. It’s a key level I’m watching.

As a crypto investor, I’ve been watching silver closely, and that recent trendline really launched it up towards $86 in May. If it bounces cleanly off that level again, it suggests the price will likely continue to go up, or at least stay stable – which is a good sign.

As an analyst, I’m watching a key trendline closely. If price breaks below it, that would be the first such failure in two months. I’d interpret that as a shift in short-term momentum, and it could signal the start of a more significant downturn over the next few weeks.

The 43 level is important because it previously limited price increases in March and April. If the price rebounds from this level again, it suggests a longer period of stability before a potential move higher.

For now, both bulls and bears wait for confirmation.

XAG/USD 4-Hour Action Points Toward $71

Looking closely at the price chart, the market appears to be trending downwards. On the 4-hour chart for XAG/USD (silver versus the US dollar), the Bollinger Bands are widening significantly as the price falls towards $71. This widening usually indicates a strong and clear trend in that direction.

The latest four-hour trading period finished at $73.16. The lower boundary of the trading range is moving down to around $72, which is very close to the recent lowest price point.

The price fell below the midpoint of the four-hour chart on May 27th, indicating that the period of stability around $76 was over. Since then, sellers have consistently pushed the price lower with each trading period.

The 4-hour Relative Strength Index (RSI) has fallen to 36, indicating a strong selling trend. For the price to stop falling in the short term, buyers would need to push the price above $76.

Overall economic conditions are supporting a negative outlook. Hopes for a June interest rate cut by the Federal Reserve have significantly decreased, falling from nearly 50% to under 8% following the recent high inflation report. This change has strengthened the dollar, which in turn has put downward pressure on metals priced in dollars.

Silver’s appeal as a safe investment has decreased this week because oil prices are falling with the progress of US-Iran talks. This shift is drawing attention back to how much silver is used in industries, and demand in that area has been declining due to recent reports of weaker manufacturing.

What happens next will depend on whether the price falls below either the rising trendline, as indicated by the RSI, or the $71 support level.

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2026-05-28 20:21