Silver Bulls Target $72 as Resistance Turns Support

Silver prices extended their short-term upward trend on Monday, with the XAG/USD pair reaching a new high of $65.29.

This marked a significant milestone for silver, as it confirmed that a key prior resistance level had turned into support at $62.99, a price zone near the lower swing high from early July at $63.28.

The reclaiming of the 50-day moving average and the successful test of this support zone further strengthened the advance, suggesting that higher targets may be reached before momentum falters.

The next potential resistance zone is around $66.53 to $66.10, which includes the 161.8% Fibonacci projection for a small rising ABCD pattern and the 50% retracement of a prior decline.

Beyond this target, the area around the 200-day moving average near $71.18 presents a significant potential resistance zone, especially since it lies near a long-term rising trendline that also represents possible dynamic resistance.