XAG/USD Silver Faces Accelerated Losses with $37.60 Support at Risk

Silver (XAG/USD) accelerated its decline on Monday, pressured by a moderate rebound in the US Dollar and a cautious investor sentiment amid lingering hopes for a US-China trade agreement and a potential Ukraine peace deal. With no major macroeconomic releases, markets remain optimistic that negotiators can extend the trade truce and avoid escalating tariffs that could impact global economic growth.

Technically, silver rejected the previous support level around $38.00 and broke below the ascending channel, signaling the end of the recent bullish rally from early August lows. The pair is currently holding at the 38.2% Fibonacci retracement and the August 6 low near $37.60. Failure to reclaim $38.00 heightens the risk of further declines with target supports at the August 5 low and the 50% Fibonacci retracement at approximately $37.30, followed by the $36.21 and $36.05 levels, which represent key corrective targets.

On the upside, surpassing the $38.00 resistance and moving toward $38.40-$38.50 would relieve bearish pressure and could reignite upward momentum, but the current bias remains to the downside.

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