Peter Smith
⬤ Silver has shifted into consolidation mode after a powerful rally and subsequent retreat. The $85 level is emerging as a key pivot point where XAG/USD could build out a medium-term range. The current chart shows silver pulling back from recent highs and testing multiple Fibonacci retracement levels following an extended upward move.
⬤ The expected range structure spans from $69–71 on the downside to $100–102 on the upside, marking the outer boundaries of near-term price action. Within this framework, the $90–96 zone stands out as an important resistance area to watch, while $81 and $75–76 represent significant support levels. These zones line up with previous price reactions and visible technical markers on the chart.
⬤ After a steep climb, silver is now pulling back and reassessing value rather than pushing into a new impulsive trend. Price action around $85 looks critical—it may serve as the balance point between buying and selling pressure. The interplay with moving averages and Fibonacci levels suggests the market is digesting recent volatility and finding its footing.
⬤ This consolidation matters for the broader precious metals space, as silver often mirrors shifts in industrial demand expectations and overall market sentiment. If XAG/USD can hold near the $85 pivot, a clearer range structure should take shape. A break toward either boundary would likely set the tone for the next directional move, while continued trading within these internal levels would confirm a stabilization period after the recent rally.
Peter Smith
