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19/06/25
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Silver Stalls After Pullback: Key Resistance and Support Levels to Watch
Silver has experienced a temporary halt after a minor pullback from its multi-year peak, although it currently lacks a definitive intraday trend. The prevailing technical indicators suggest a predominantly bullish sentiment, with prospects favoring upward movement for XAG/USD. A decisive decline below the $36.00 level could change this optimistic outlook.
During the Asian trading session on Thursday, silver has been oscillating within a tight range around $36.75, effectively stalling the modest pullback seen the previous day. This level marks the highest point silver has reached since February 2012, and the technical landscape supports bullish traders. Following recent patterns of price movement, a persistent breakthrough beyond the $36.45-$36.50 resistance zone confirms a successful exit from a short-term descending trend channel, which is associated with the formation of a bullish flag pattern.
Furthermore, the Relative Strength Index (RSI) on the daily chart has recently moderated from the overbought condition, indicating continued strength accompanied by favorable oscillator readings. This reinforces the optimistic near-term outlook for XAG/USD, making a rally above the key $37.00 milestone, with potential retests of resistance around $37.30-$37.35, plausible.
On the downside, the 50-period Simple Moving Average (SMA) on the four-hour chart, situated near $36.55, may provide support before reaching the trend-channel breakpoint of approximately $36.30. Below that, the weekly low around $36.15 serves as another significant support level. The $36.00 mark is crucial, as breaching this level could prompt a shift in momentum favoring bearish positions. Investors will be observing these critical levels closely as they navigate market movements in the days ahead.
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