Silver Price Forecast: XAG/USD rejected at $47.00, hits levels below $46.00

LONDON (September 30) Silver (XAG/USD) has snapped a three-day rally on Tuesday, as the pair failed to consolidate at levels beyond $47.00, and retreated to session lows below $45.80, before returning to levels right above the $46.00 line

Precious metals are correcting lower from long-term highs on Tuesday. Investors remain wary about a potential shutdown of the federal government, but the US Dollar sell-off seen in previous days has stalled. 

Technical Analysis: Silver is in a bearish correction from long-term highs

Everything that goes up must come down, and Silver is not different. The technical picture shows a healthy bearish correction in progress, with the 4-Hour Relative Strength Index coming down from strongly overbought levels.

A reverse trendline resistance is acting as support in the area of the September 29 lows, between $45.90 and $46.10, holding bears for now. Further down, the previous long-term highs, at $45.30 (September 25 high) and $44.45 (September 23 high) would come into focus.
To the upside, immediate resistance lies at Tuesday’s high. to $47.15.Beyond here, e,  Fibonacci tool shows the 161.8% extension of the September 17-23 bullish run, at $49.15.

FXStreet