XAGUSD | Technical Outlook
Market Overview
XAGUSD is trading in a controlled pullback within a broader bullish trend after an extended upside move.
The recent decline represents profit-taking and momentum cooling, rather than a structural reversal. Higher-timeframe trend direction remains intact, with price holding above key trend-defining moving averages.
While short-term momentum has slowed, buyers continue to defend rising support levels, keeping the overall structure bullish.
Key Resistance Levels
Silver is currently capped below a short-term resistance zone at:
63.20 – 63.40
This area aligns with:
- The recent pullback highs
- Short-term moving averages acting as dynamic resistance
A sustained break and hold above 63.40 would signal:
- Renewed upside momentum
- A push toward 63.90
- Potential extension toward 64.30 if buying pressure strengthens
Until this zone is reclaimed, upside attempts remain gradual and corrective.
Key Support Levels
Immediate support is located at:
62.60 – 62.40
This zone represents:
- Rising trend support
- The area where buyers have repeatedly stepped in
If this support holds, silver is likely to resume its bullish trend.
A break below 62.40 would open the door for a deeper pullback toward:
- 62.00
- 61.60 (key higher-timeframe support)
Only a sustained move below these levels would threaten the bullish structure.
Expectations
Bullish Scenario (Trend Continuation)
If silver holds above 62.40 and breaks above 63.40, price could enter the next leg higher, targeting:
- 63.90
- 64.30
This scenario is favored as long as higher-timeframe support remains intact.
Bearish Scenario (Deeper Correction)
Failure to reclaim 63.40, followed by a breakdown below 62.40, would likely extend the correction toward:
- 62.00
- 61.60
This would still be viewed as a pullback, not a trend reversal, unless selling accelerates significantly.
Overall Outlook
Silver remains in a bullish trend, currently undergoing a healthy corrective phase rather than a sideways consolidation.
The market is resting after a strong rally, with price compressing above rising support. Directional bias remains to the upside unless key support levels fail.
Price action around 62.40 support and 63.40 resistance will determine the next move. Until a breakout occurs, silver is likely to trade calmly with a bullish continuation bias.
