Silver slips under $72.00 as bearish trend continues

Silver (XAG/USD) fell below $72.00, extending losses and keeping a bearish technical trend intact.

OANDA's MarketPulse team noted that silver broke below its 20-day moving average on April 28 after being rejected at the 50-day moving average on April 16. The firm wrote that the break ended a corrective rebound from March lows and left price action trading inside a minor descending channel.

Immediate support levels identified include $69.64 and the 67.70/66.83 area, the latter aligning with a Fibonacci extension. OANDA's analysis states that a sustained hourly close above $72.00 would open the way for a retest of $78.30, near the 50-day moving average. The daily relative strength index remains in bearish territory and has not reached oversold readings.

Geopolitical developments have not produced strong safe-haven flows into silver. The US–Iran conflict began on Feb. 28 and a fragile ceasefire has been in place since April 8. Using a pre-war baseline from Feb. 27 to Apr. 28, spot silver fell about 19% and was the weakest among major cross assets; its year-to-date gain stood at roughly 1.7% as of Apr. 28.

The technical charts and commentary were prepared by OANDA's MarketPulse team and Kelvin Wong, a senior market analyst based in Singapore. OANDA noted the commentary is for informational and educational purposes and reflects the authors' views.