Silver keeps posting lower highs since peaking at $33.70 last week
Recent price action is forming a descending triangle pattern, a bearish sign.
XAG/USD: Below the $32.60-3270 support, the next targets are $32.15 and $31.70.
Silver prices (XAG/USD) are paring losses during Friday’s European session. The pair has returned above the $33.00 level following a significant reversal during the Asian session.
From a wider perspective, however, price action remains wavering within recent range, with the 4-hour RSI moving back and forth around the 50 level, which indicates a lack of clear momentum.
Technical analysis: XAG/USD remains trading within a triangle pattern
Four-hour charts show the precious metal moving within a descending triangle pattern, printing lower highs since its rejection at $33.70. This pattern often anticipates a bearish outcome.
Immediate support is at the $32.60-32.70 area, where bears were contained in May 22 and 25. If this area gives way, the next support levels are the May 20 low at $32.15 and the May 1 and 15 lows at the $31.70 area.
On the upside, a successful break of the triangle’s top, now around $33.40, cancels this view and brings the $33.70 top back into focus.
XAG/USD 4-Hour Chart
