Silver fell below $64, hitting a three-month low, with bears dominating the market and focusing on the key support level of $61.
2026-06-23 14:42:38
On Monday during Asian trading hours, spot silver (XAG/USD) continued its previous decline, falling to around $62.30 per ounce , a single-day drop of over 4%. After a brief rebound, selling pressure intensified again, and silver returned to a weak trading pattern.
The precious metals market has been under pressure recently, primarily due to the Federal Reserve maintaining a hawkish monetary policy stance. As the market continues to raise expectations for future interest rate hikes, US Treasury yields and the US dollar index remain at high levels, significantly suppressing silver, which does not offer interest income.
Meanwhile, signs of easing tensions in the Middle East and some progress in peace talks between the US and Iran have eased market concerns about energy supply risks and inflationary pressures. Reduced safe-haven demand has further diminished the attractiveness of silver, causing funds to continue flowing into higher-yielding dollar assets.
From a market sentiment perspective, investors are currently more focused on future interest rate environment changes than on traditional safe-haven demand. Against the backdrop of persistently strong high interest rate expectations, the precious metals market as a whole faces significant downward pressure. Technically, the daily chart for silver shows that prices are still trading within a clear downward channel, with an overall bearish trend. Recent rebounds have failed to effectively break through key moving average resistance, indicating that buying power remains limited. Structurally, bears still firmly control the market.
The performance of short-term moving averages further confirms the current weak market trend. Prices continue to trade below the 9-day and 50-day exponential moving averages, and both moving averages remain downward-sloping, indicating that the short-to-medium-term trend remains bearish. Each rebound to the vicinity of the moving averages encounters significant selling pressure, suggesting a lack of willingness to chase higher prices.
In terms of momentum indicators, the 14-day Relative Strength Index (RSI) is currently around 34.64 . Although it hasn't fully entered the oversold zone, it's approaching a crucial critical level. This indicates that bearish momentum still holds the upper hand, although the rate of decline has begun to slow, suggesting a short-term technical correction is needed. The market will next focus on US economic data, speeches by Federal Reserve officials, and the performance of the US dollar index. If the dollar continues to be strong, silver may further test key support levels; conversely, if the market readjusts its expectations for interest rate hikes, it could provide a chance for a short-term rebound in silver prices.
On the chart level, silver remains within a descending channel, maintaining an overall bearish structure. The price is well below the 9-day and 50-day moving averages, indicating that a valid reversal signal has not yet formed. The MACD indicator is below the zero line, with the green histogram continuing to expand, showing that bearish forces still dominate. The first support level is currently at $61.00 , a significant low formed in March of this year. A break below this level could lead to further declines towards the lower trendline of the descending channel around $57.50 . On the upside, the first resistance level to watch is the 9-day moving average around $66.31 , followed by the upper trendline of the descending channel around $69.70 .
From a 4-hour chart perspective, prices are maintaining a low-level downward trend, with short-term moving averages showing a bearish alignment. The MACD lines continue to run below the zero line, reflecting a cautious short-term market sentiment. A break above the $66.31 resistance level could push prices further to test the $69.70 area. A decisive break above the descending channel would target the 50-day moving average area around $72.70 . A sustained hold above this level could gradually strengthen the medium-term trend and challenge the March high of $90.03 . However, until a key resistance level is broken, the overall market should be viewed with a bearish bias.
Editor's Summary : The silver market is currently in a clear correction phase, with a strong US dollar and hawkish expectations from the Federal Reserve continuing to suppress precious metal performance. Technical analysis shows the downward channel remains unbroken, and the bearish trend still dominates. In the short term, the $61 support area will be a key watchpoint; a break below this level could open up further downside potential. If the market stabilizes and rebounds, the $66-$70 area will be crucial to watch for a decisive breakout. Investors should pay close attention to the impact of US economic data, changes in interest rate expectations, and the US dollar index on the precious metals market.
The precious metals market has been under pressure recently, primarily due to the Federal Reserve maintaining a hawkish monetary policy stance. As the market continues to raise expectations for future interest rate hikes, US Treasury yields and the US dollar index remain at high levels, significantly suppressing silver, which does not offer interest income.
Meanwhile, signs of easing tensions in the Middle East and some progress in peace talks between the US and Iran have eased market concerns about energy supply risks and inflationary pressures. Reduced safe-haven demand has further diminished the attractiveness of silver, causing funds to continue flowing into higher-yielding dollar assets.
From a market sentiment perspective, investors are currently more focused on future interest rate environment changes than on traditional safe-haven demand. Against the backdrop of persistently strong high interest rate expectations, the precious metals market as a whole faces significant downward pressure. Technically, the daily chart for silver shows that prices are still trading within a clear downward channel, with an overall bearish trend. Recent rebounds have failed to effectively break through key moving average resistance, indicating that buying power remains limited. Structurally, bears still firmly control the market.
The performance of short-term moving averages further confirms the current weak market trend. Prices continue to trade below the 9-day and 50-day exponential moving averages, and both moving averages remain downward-sloping, indicating that the short-to-medium-term trend remains bearish. Each rebound to the vicinity of the moving averages encounters significant selling pressure, suggesting a lack of willingness to chase higher prices.
In terms of momentum indicators, the 14-day Relative Strength Index (RSI) is currently around 34.64 . Although it hasn't fully entered the oversold zone, it's approaching a crucial critical level. This indicates that bearish momentum still holds the upper hand, although the rate of decline has begun to slow, suggesting a short-term technical correction is needed. The market will next focus on US economic data, speeches by Federal Reserve officials, and the performance of the US dollar index. If the dollar continues to be strong, silver may further test key support levels; conversely, if the market readjusts its expectations for interest rate hikes, it could provide a chance for a short-term rebound in silver prices.
On the chart level, silver remains within a descending channel, maintaining an overall bearish structure. The price is well below the 9-day and 50-day moving averages, indicating that a valid reversal signal has not yet formed. The MACD indicator is below the zero line, with the green histogram continuing to expand, showing that bearish forces still dominate. The first support level is currently at $61.00 , a significant low formed in March of this year. A break below this level could lead to further declines towards the lower trendline of the descending channel around $57.50 . On the upside, the first resistance level to watch is the 9-day moving average around $66.31 , followed by the upper trendline of the descending channel around $69.70 .
From a 4-hour chart perspective, prices are maintaining a low-level downward trend, with short-term moving averages showing a bearish alignment. The MACD lines continue to run below the zero line, reflecting a cautious short-term market sentiment. A break above the $66.31 resistance level could push prices further to test the $69.70 area. A decisive break above the descending channel would target the 50-day moving average area around $72.70 . A sustained hold above this level could gradually strengthen the medium-term trend and challenge the March high of $90.03 . However, until a key resistance level is broken, the overall market should be viewed with a bearish bias.
Editor's Summary : The silver market is currently in a clear correction phase, with a strong US dollar and hawkish expectations from the Federal Reserve continuing to suppress precious metal performance. Technical analysis shows the downward channel remains unbroken, and the bearish trend still dominates. In the short term, the $61 support area will be a key watchpoint; a break below this level could open up further downside potential. If the market stabilizes and rebounds, the $66-$70 area will be crucial to watch for a decisive breakout. Investors should pay close attention to the impact of US economic data, changes in interest rate expectations, and the US dollar index on the precious metals market.
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