Silver (XAG/USD) is on track to end the week with losses after dropping below the $60.00 support level, reaching a weekly low of $55.38. At the time of writing, the price hovers near $57.00, down 0.83%.
The technical outlook for silver remains bearish, with the Relative Strength Index (RSI) trending downward and approaching oversold territory. If the price falls below $55.00, the next support levels include the year-to-date low of $54.77 and the November 13, 2025 high-turned support at $54.39, with further declines potentially targeting $50.00.
For a bullish reversal, silver would need to clear the October 14 high at $59.37, followed by $60.00. Beyond that, the 100-day Simple Moving Average (SMA) at $63.06 and the 50-day SMA at $63.98 could act as resistance before testing $65.00.
Silver's price movements are influenced by various factors, including its safe-haven status, interest rates, the strength of the US Dollar, industrial demand, and economic dynamics in key markets like the US, China, and India. The metal's industrial applications, particularly in electronics and solar energy, also play a significant role in price fluctuations.