Market Analysis: Silver Under Pressure from Ceasefire Clouds
Author: Elior Manier
Date: April 23, 2026
Overview
Silver (XAG/USD) has been experiencing significant downward pressure due to geopolitical tensions and market dynamics. Following a period of substantial gains since August 2025, the precious metal has faced a severe reality check, losing approximately 50% of its value during a flash crash in mid-February 2026.
Market Dynamics
The onset of the US-Iran War initially bolstered the safe-haven appeal of precious metals, particularly gold. However, this status was challenged as silver and gold prices fell in correlation with rising crude oil and US dollar values, which were linked to stock market movements. This raises questions about whether precious metals are still considered safe-haven assets at current valuations.
Recent Performance
Despite a brief rebound of 35% following the announcement of a ceasefire, silver has struggled to maintain an upward trajectory. The price has recently rejected the $84 resistance level, indicating ongoing pressure from the uncertain geopolitical landscape.
Technical Analysis
Silver 4H Chart, April 23, 2026 – Source: TradingView
Silver has retraced higher after hitting new cycle lows during the war but is currently down 9.30%. It has broken and retested its recovery bull channel, which does not bode well for bullish traders. The metal is now testing its major pivot point at $75, with a battle ongoing between short-term bulls and bears.
Key Levels to Watch
Resistance Levels:
- Major Resistance: $83 to $84.50
- Friday Highs: $83
- Higher Timeframe Range Resistance: $90 to $92
- March Highs: $96.47
Support Levels:
- Pivot Lows: $74.50 - $75
- Minor Support: $70
- December FOMC Minor Support: $60 to $64
- War Lows: $61.10
- Major Support: $50 to $54
Short-Term Outlook
In the short term, bears have regained control, forming a counter-trend bear channel. However, bulls are defending the pivot zone lows and may attempt to break above the 50-hour moving average at $77. A range could establish in this pivot zone as long as geopolitical uncertainties persist. Traders should watch for potential breakouts above or below these key intraday levels.
Conclusion
The future of silver as a safe-haven asset remains uncertain amid rising oil prices and geopolitical tensions. Traders should remain vigilant and prepared for high volatility events in the coming days.
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