Market Analysis Summary - Silver (XAG/USD)
Author: Kelvin Wong
Date: 29 April 2026
Key Takeaways
- Silver (XAG/USD) has underperformed major assets, falling sharply since the US-Iran conflict.
- The bearish trend remains intact, with a breakdown below the 20-day moving average.
- Key resistance at $75.90 must be breached to negate the bearish outlook; otherwise, further declines are expected.
Market Context
Despite the ongoing geopolitical tensions between the US and Iran, silver has not attracted safe-haven demand, resulting in a significant decline in its price. Since the onset of the US-Iran conflict on 28 February 2026, silver has been the worst-performing asset, with a 19% loss from the pre-war baseline. As of 28 April 2026, its year-to-date performance has dwindled to a mere 1.7% gain.
Technical Analysis
The technical indicators suggest that silver's recent price action has confirmed a bearish breakdown. The price fell below the 20-day moving average on 28 April 2026, and a previous rejection at the 50-day moving average indicates the end of a corrective rebound that began on 23 March 2026. The current bearish trend is expected to continue unless silver can break above the pivotal resistance level of $75.90.
Price Projections
If silver remains below $75.90, it is likely to test lower support levels at $69.64 and $67.70/66.83. Conversely, a sustained break above $75.90 could lead to a retest of the next resistance at $78.30, which aligns with the 50-day moving average.
Conclusion
The current market sentiment surrounding silver is predominantly bearish, driven by momentum rather than fundamental factors. Traders should closely monitor the key resistance level of $75.90 to gauge the potential for further declines or a reversal in trend.