Silver (XAG/USD) maintains a bullish outlook, supported by the long-term uptrend, characterized by a sequence of higher highs and higher lows. The recent pullback appears to be a corrective move, currently testing a rising trendline support zone, which remains crucial for trend continuation.
Key Technical Levels
Immediate Support: $31.50 (previous consolidation range and trendline support)
Major Support Levels:
$30.60
$30.20
$30.00
Immediate Resistance: $32.13 (short-term breakout level)
Major Resistance Levels:
$32.30
$32.60
$33.50
Bullish Scenario:
A successful hold of 31.50 and a bullish bounce could trigger further upside momentum, with key resistance targets at:
32.13 – Initial resistance where some profit-taking may occur.
32.60 – A stronger resistance zone, potentially capping further gains.
33.52 – A key level that, if broken, could signal a continuation of the bullish trend.
Bearish Scenario:
A confirmed break below 31.50, especially with a daily close under this level, would shift the outlook bearish. In this case, downside targets include:
30.60 – First support level, where buyers may attempt to stabilize the price.
30.20 – A deeper support zone, signaling further weakness if breached.
30.00 – A key psychological support level that could confirm extended bearish momentum.
Conclusion:
Silver (XAGUSD), the 31.50 level remains the key pivot point. A bounce from this level could fuel a bullish move toward higher resistance zones, while a break below it would reinforce the bearish outlook, targeting lower support levels. Traders should watch for confirmation of either scenario before positioning.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Key Technical Levels
Immediate Support: $31.50 (previous consolidation range and trendline support)
Major Support Levels:
$30.60
$30.20
$30.00
Immediate Resistance: $32.13 (short-term breakout level)
Major Resistance Levels:
$32.30
$32.60
$33.50
Bullish Scenario:
A successful hold of 31.50 and a bullish bounce could trigger further upside momentum, with key resistance targets at:
32.13 – Initial resistance where some profit-taking may occur.
32.60 – A stronger resistance zone, potentially capping further gains.
33.52 – A key level that, if broken, could signal a continuation of the bullish trend.
Bearish Scenario:
A confirmed break below 31.50, especially with a daily close under this level, would shift the outlook bearish. In this case, downside targets include:
30.60 – First support level, where buyers may attempt to stabilize the price.
30.20 – A deeper support zone, signaling further weakness if breached.
30.00 – A key psychological support level that could confirm extended bearish momentum.
Conclusion:
Silver (XAGUSD), the 31.50 level remains the key pivot point. A bounce from this level could fuel a bullish move toward higher resistance zones, while a break below it would reinforce the bearish outlook, targeting lower support levels. Traders should watch for confirmation of either scenario before positioning.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.