Silver (XAG/USD) attracted fresh buying interest near the $58.25-$58.20 zone during the Asian session on Thursday, halting the previous day's modest pullback from the $61.00 area, which marked an over two-week high for the metal. Despite this renewed buying, silver lacked strong follow-through and was last seen trading just above the mid-$59.00s, representing a decline of over 0.40% for the day [1].
This week's breakout above the $59.00 confluence—defined by the 100-period Simple Moving Average (SMA) on the 4-hour chart and the 23.6% Fibonacci retracement level from the June 17 high—was identified as a key trigger for bullish momentum in XAG/USD. Technical indicators remain constructive: the Relative Strength Index (RSI) stands at 61.21 in positive territory, and the MACD histogram is mildly positive, both supporting the case for further near-term appreciation despite the current pause in upward movement [1].
Looking ahead, the next resistance levels are noted at the 38.2% Fibonacci retracement at $61.31, followed by the 50.0% level at $63.28, the 61.8% retracement at $65.25, and the 78.6% barrier at $68.05. On the downside, immediate support is seen at the $58.99 confluence, with a deeper pullback potentially exposing the structural anchor of the current cycle near $54.94 [1].
No explicit market reactions or analyst opinions were provided in the article, but the technical outlook suggests that the bullish trend remains intact as long as silver holds above the $59.00 level [1].
CONCLUSION
Silver's technical setup remains constructive, with bulls maintaining control above the $59.00 confluence. While the metal has paused after a recent rally, momentum indicators support the potential for further gains if key support levels hold.