Peter Smith
⬤ Silver is sitting at a critical technical junction, with price action pressing against the $94 resistance zone. The setup remains bullish as long as XAG holds above $84, with upside targets lined up at $98, $104 and $116. The daily chart tells a clear story - a steady climb from lower levels toward resistance, reflecting growing interest in precious metals against a backdrop of geopolitical uncertainty.
⬤ The chart shows silver previously trading above $116 before a sharp correction dragged prices briefly below $84. After finding a floor near $76, the metal recovered and reclaimed $84 as a structural support level. Silver is now hovering around $94, pressing directly against a well-defined horizontal resistance line. As covered in Silver Price Analysis: Tests $90 Resistance After Bouncing from 87.40 Support, these breakout zones play a decisive role in confirming whether bullish momentum can continue.
⬤ Momentum indicators support the cautiously optimistic picture. The RSI on the daily timeframe sits in neutral territory above the midline, showing strength without flashing overbought signals. Higher lows forming since mid-February point to constructive trend development. Analysts tracking the setup in Silver Price Outlook: XAG/USD Holds Long-Term Bull Structure Below $90 Breakout Zone reinforce the view that the long-term bullish structure remains intact.
⬤ What happens at $94 matters beyond silver alone - it carries weight for the wider precious metals complex. History backs the case for watching these levels closely. The Silver Breaks Higher With a 7.7% Rally Above Key Resistance report shows just how fast momentum can build once technical barriers give way. With XAG holding above $84 and testing $94, the next confirmed breakout or rejection will set the tone for silver's near-term direction.
Peter Smith
