Peter Smith
⬤ Silver is holding firm inside its 86-89 consolidation zone on the hourly chart, keeping the short-term rising structure alive after a strong rally. XAG is sitting within the 0.618-0.786 Fibonacci range, with price action around 88.86-88.91 and the first meaningful resistance level at 89.40.
⬤ The chart shows XAG respecting key technical levels on both sides. Above 89.40, the next barriers sit at 90.60 and 92.20. Bollinger Bands are pressing near the upper band, Parabolic SAR remains below price, and the RSI is oscillating in the 60-63 zone, positive momentum without tipping into overbought territory. On the downside, short-term supports are mapped at 87.30, 86.65, and 85.70.
⬤ Volume spiked during the earlier push and then settled as price entered consolidation, while Volume Delta still shows slight buyer dominance. The Volume Profile places the Point of Control near 77.80, confirming a broad value base well below current prices. This kind of structure fits the wider precious metals narrative, with silver continuing to strengthen above key moving averages and the bullish trend intact.
⬤ On the macro side, silver remains sensitive to interest rate expectations, U.S. data prints, and global growth sentiment, with both safe-haven and industrial demand keeping the broader trend supported. The key question now is straightforward: does XAGUSD break above 89.40 and push toward 90.60, or does it pull back to test the 87.30-86.65 support area? Either way, near-term momentum and the longer-term trend structure will likely be decided right here.
Peter Smith
