Silver Price Forecast: XAG/USD Faces Tough Resistance at $32.50

Silver Price Faces Bearish Pressure, Eyes Key Support Levels at $31.65 and $30.90

Silver (XAG/USD) continues to struggle as it faces resistance at the nine-day Exponential Moving Average (EMA) of $32.48. The price remains under pressure due to a bearish bias, as evidenced by its consolidation within a falling channel pattern. The 14-day Relative Strength Index (RSI) is still below 50, indicating a potential further decline in price momentum.

In the short term, silver may seek support at the six-week low of $31.65, which was touched on May 15. If silver breaks below this level, there could be additional downward pressure, with the next key support around the lower boundary of the falling channel at $30.90. A further breakdown below this level could trigger a more significant decline, potentially bringing the price closer to the eight-month low of $28.00 reached in early April.

As the market consolidates and technical indicators suggest a continued bearish outlook, traders will be closely monitoring these key levels to gauge silver's next move.