Silver Price Analysis: XAG/USD erases weekly gain, risks deeper pullback

Silver is now trading largely unchanged on the week near $26.82 having put in a high of $27.81 earlier this week. 

The pullback validates bull fatigue signaled by the long upper wick attached to the previous weekly candle and suggests scope for a deeper drop. 

Support is seen at $25.90 (last week's low), which, if breached, would expose the higher low of $24.60 created in January. On the higher side, the weekly high of $27.81 is the resistance to beat for the bulls. 

Weekly chart

Trend: Bearish

Technical levels