Silver Price Forecast: XAG/USD hangs near eight-week low; bears retain control near $61.00

Silver (XAG/USD) experiences some selling pressure near the $61.75 level during the Asian session on Wednesday, halting the previous day's recovery from the $60.30 region, marking the lowest point since August 5. Currently trading near the $61.00 mark, the white metal is down around 0.70% for the day, prompting traders to await fresh cues from the US Personal Consumption Expenditures (PCE) Price Index and the final US Q2 GDP print.

From a technical standpoint, XAG/USD presents a bearish outlook below the $62.20-$62.25 horizontal support and the 200-period Exponential Moving Average (EMA) on the 4-hour chart at $64.28. The Moving Average Convergence Divergence (MACD) has only slightly turned positive, indicating tentative recovery efforts. However, the Relative Strength Index (RSI) at 35 remains in weak territory, supporting the notion that downside pressure persists despite recent gains from under $61.00 levels.

Consequently, any rebounds might be shallow and face formidable resistance near the $61.80-$61.85 area preceding the $62.00 mark and the $62.20-$62.25 support-turned-hurdle. Should XAG/USD break through this hurdle, it could then target the 200-period EMA at $64.28. Bulls must reclaim this level to alleviate the current bearish outlook and initiate a climb towards higher levels.

Conversely, recent price declines to $60.30 could serve as the initial point where buyers aim to stabilize, followed by the psychological $60.00 level. A breach of this psychological barrier may enable a slide to the $59.40-$59.35 support before XAG/USD descends further to the $59.00 mark. If the metal continues its decline, bears may target the August monthly low at $56.60-$56.55, with intermediate support around the $57.00 round figure.