Silver Price Breaks Key Confluence, Bulls Gain Upper Hand
Silver prices have been attracting dip-buyers in recent trading sessions, but the metal lacks follow-through. Despite this, technical indicators favor a bullish outlook for Silver (XAG/USD) above $59.00. The white metal's price has broken through a key confluence of $59.00, comprising the 100-period Simple Moving Average (SMA) on the 4-hour chart and the 23.6% Fibonacci retracement level of the fall from June 17.
The Relative Strength Index (RSI) at 61.21 remains in positive territory, while the Moving Average Convergence Divergence (MACD) histogram is mildly positive. Momentum indicators suggest that upside momentum is still constructive, backing a case for further near-term gains.
Immediate resistance levels for Silver lie at $61.31 and $63.28, with the 61.8% retracement level at $65.25 serving as a broader cap. On the downside, support is seen around $58.99, while a deeper pullback would expose the structural anchor of the current cycle near $54.94.