Silver Price Forecast: XAG/USD on retreat from $44,10, finds support at $43.65 

• Silver bears are struggling to break $43.65 after rejection from long-term highs, at $44.10.
• The US Dollar's recovery is lacking momentum with investors pricing in further Fed rate cuts.
• XAG/USD has pulled back from oversold levels but maintains its bearish trend intact.
  

Silver's (XAG/USD) has been consolidating gains for most of Tuesday's Asian session, as the precious metal's retreat from all-time highs at $44.20 has been contained above the $43.65 area, and is trading near $43.90 on the Early European session.

The XAG/USD pair's reversal has lost momentum on Tuesday's early trading as the US Dollar's recovery is lacking follow-through so far. Fed speakers offered mixed views about the path of the Fed's monetary policy, which failed to alter the view that the US central bank will be forced to cut rates further in the coming months, to support a deteriorating labour market.

Markets, however, are likely to be little moved during the European trading times, with investors awaiting the release of US Flash PMIs to assess the impact of tariffs on business activity and Fed Powell's speech about the Economic Outlook.

Technical Analysis: Holding gains with the bullish bias intact

From a technical perspective, the pair maintains its broader bullish bias intact. The correction from Monday's highs has pulled the 4-hour Relative Strength Index back below overbought levels but still well above the 50 line, which reflects positive momentum.

To the downside, below the mentioned intra-day low, at $43.65, Monday's low, at $43.35, might provide some support ahead of the previous peak, at the $43.00 area (September 16 high.

To the upside, there is a trendline resistance in the $44.10 area, ahead of the $45.00 psychological level and the 261.8% Fibonacci retracement of the mid-September pullback, at $45.90.