Silver (XAG/USD) rejects triangle formation from Iran War – Breakout scenarios

Ongoing War flows have been very different from what the trading and investing world has been accustomed to.

Safe-haven assets like Metals (particularly Gold and Silver) and Bonds have not seen any consistent demand. At the same time, Stock Markets and risk sentiment in general have remained very solid despite stagflationary fears.

Only Oil and, consequently, the Petrodollar, have managed to grab consistent attention and generate persistent trends.

One question remains for Metals aficionados – Where is the flight to demand towards them?

Their previous run higher throughout their borderline insane performance from mid-2025 to January 2026 could explain exhausted buyers.

When people get heavily positioned in an asset class, buyers run out of bullets (to buy more), supply increases to capture the higher values and it distorts the previous stock-shortage that led to previous price increases.this heavy positioning was outlined in the recent Bank of America survey.

As a matter of fact, the ongoing War could be what is holding Silver and Metals prices at current levels – After the Late January price tumble, their correction suddenly stalled at a similar time that WTI began to rally and the ongoing US-Iran War began to enter Market discussions.

So that could open the door for a large correction in the event of a war resolution!

Still, the global economy is largely different than it was just a few years ago, with the second round of Trump Trade Wars, de-globalization and persistent rise of new conflicts.

It wouldn’t be surprising to never see $20 Silver prices again, but $50 is not completely out of the picture – In the meantime, traders can profit from the hesitant price action by playing ongoing consolidation around the asset classes.

We will dive into a Silver multi-timeframe analysis to spot the current range in the Metal and explore potential breakout levels. Let’s get right into it.

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Silver has now remained in a $80 to $96 range since the end of February, holding the top of its 2025 (broken) upward Channel as Support – A major technical indicator to track bull strength.

RSI momentum has died down in the higher timeframe, indicating current equilibrium around current prices – this confirms after the failed breakdown in early March and consequent failed breakout.

This provides quality indications for a rangebound price action.

Let’s take a closer look

Looking closer, bears are entering at the highs of the triangle formation, pointing to interesting tests coming ahead:

• Breaking the $84.50 support trendline (from the 2025 Channel) would hint at the $80 Support
  • Holding the support would confirm the range towards a $90 rebound
  • Breaking it however could lead to retesting the $70 2026 Support
• Rebounding on the Support trendline could lead to an imminent rebound towards the $90 to $92 Resistance (less probable with current RSI conditions)

Levels to watch for Silver (XAG) trading:

Resistance Levels:

• $87 Session highs (Mini-Resistance)
• Key Range Resistance $90 to $92
• Higher Timeframe Major Resistance $90 to $95
• $96.47 March highs

Support Levels:

• Triangle Support $84.50 (short-term bearish below)
• 2025 Record Pivot $80 to $82
• Key Momentum Support $76 to $77.50
• Major 2026 Support $70 to $72
• December FOMC Minor Support $60 to $64 (Feb Lows)
• $50 to $54 Major Support

With the hesitation also spreading to the shorter timeframes, traders could await for either:

• A break below the mini-support $84.50 to play a breakdown to $80
  • Ongoing selling should take the action there soon!
• A break above the daily $87.50 to play a breakout to $92

Safe Trades!

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