Silver Slips as Ceasefire Doubts, Oil and Dollar Test $75

Silver slipped toward a $75 pivot on Thursday as renewed doubts about a Middle East ceasefire and rallies in crude oil and the U.S. dollar pressured XAG/USD following a roughly 35% rebound after the ceasefire announcement.

Traders pushed prices lower after crude and the dollar strengthened, reversing some of silver’s post-conflict gains. The metal is about 9.3% below recent highs and has broken and retested the recovery bull channel that formed after market shocks earlier this year.

OANDA MarketPulse analyst Elior Manier described the short-term balance as favoring sellers: “Bears have regained short-term control and are testing the $75 pivot while bulls defend the low.” He noted the 50-hour moving average near $77 is a key area for sellers and for short-term trend decisions.

On four-hour charts, resistance sits in the $83 to $84.50 band, with higher-range resistance between $90 and $92 and the March highs near $96.47. Immediate support is at the $74.50–$75 pivot area, followed by $70, the February lows around $60–$64, the war trough at $61.10 and major support between $50 and $54.

Shorter-term action shows a counter-trend bear channel forming since last Friday. A move back above the 50-hour moving average would put about $79 as the next intraday resistance, while a break below the pivot zone could expose lower support levels.

Market participants have noted that rallies in crude oil and the U.S. dollar have coincided with falls in precious metals during the recent period of geopolitical tension. Silver’s price path has been volatile since late January, including a sharp drop in mid-February that erased roughly half of its value before the subsequent rebound tied to ceasefire hopes.

Analysts pointed to technical levels, oil moves, dollar strength and geopolitical headlines as the factors most likely to affect short-term direction for XAG/USD. Breakout traders are watching for definitive moves above or below the $75 pivot and the nearby moving averages.