3.17 Spot Silver (XAG/USD) Midday Outlook

Silver is currently in the pullback confirmation stage after breaking down from high levels, with weak rebound momentum.

The price has retraced to the 80.7–81.5 range, which is a typical pattern of pullback confirmation following a breakdown, and it has been consistently trading below the medium-term moving average. No effective upward reversal signals have appeared, and the larger bearish structure remains solid.

After forming a supply zone near 82.00 on the 30-minute chart, the price has repeatedly broken below key support levels and is now pulling back to the 80–80.8 support zone. Each rebound high is gradually decreasing, and buying momentum continues to weaken.

Although there is a MACD bullish divergence at the bottom, it has only triggered an oversold rebound without establishing an upward Break of Structure (BOS). This indicates a weak correction rather than a trend reversal.

Trading suggestion: Short at 81.2–81.5, with targets at 80, 79, and 78.