XAGUSD | Today’s Technical Outlook
Market Overview
XAGUSD extended its strong bullish momentum following yesterday’s Federal Reserve interest rate cut, which boosted demand for metals and weakened the USD. The first reaction was a sharp rally, pushing Silver to new multi-month highs.
Today, price action shows cooling momentum, with Silver entering a short-term consolidation phase while still maintaining a strong bullish structure across all major timeframes.
Key Resistance Levels
Silver is currently trading just below a critical resistance zone:
$62.40 – $62.70
This area capped the post-Fed rally and remains the level buyers must break to resume upward movement.
A clean breakout above $62.70 would likely open the way toward:
- $63.50
- $64.20 (major bullish target)
Momentum is still bullish, but price is showing hesitation as it retests this resistance.
Key Support Levels
Immediate support sits at:
$61.40 – $61.00
This region held strongly after yesterday’s surge and currently maintains market structure.
If price breaks below $61.00, the next levels become:
- $59.80
- $58.70 (major daily support)
As long as XAGUSD holds above $61.00, the bullish trend remains dominant.
Expectations
Bullish Scenario (Primary Outlook)
Silver remains well-supported by:
- A weaker USD after the rate cut
- Strong bullish structure across H1, H4, and Daily
A break above $62.70 could trigger a new bullish wave toward:
- $63.50
- $64.20
Bearish Scenario (Alternative)
If price fails to hold $61.00, Silver may begin a deeper correction toward:
- $59.80
- $58.70
This is only valid if the recent bullish momentum fully fades.
Overall Outlook
Silver remains in a strong bullish position following yesterday’s dovish Fed shift.
Today’s movement shows consolidation, not reversal. The market is waiting for a decisive breakout above $62.70 or a pullback toward support to determine the next direction.
