Saad Ullah
⬤ Silver extended its consolidation phase on Thursday, with XAGUSD staying locked inside a clearly defined range that's been holding since last week's bullish surge. The metal keeps bouncing between the $57.00 support level and the $59.20 resistance zone, sweeping liquidity on both sides while remaining trapped within this structure. A recent bounce from the $57.00 demand zone triggered a clear change of character followed by a break of structure, pushing price back above the mid-range near $58.00.
⬤ The chart reveals that the 20, 50, 100, and 200 EMAs are starting to curve upward, suggesting bullish momentum is gradually rebuilding even without a confirmed breakout. Price action inside the consolidation box shows repeated attempts from both buyers and sellers trying to take control, with liquidity hunts happening around the lower boundary and the $58.80–$59.20 supply region. The $58.00 mid-range level keeps acting as a critical pivot point that shapes how traders feel throughout the day.
⬤ Selling pressure remains active between $58.80 and $59.20, where repeated rejections have stopped upside moves. At the same time, the $57.00–$57.20 demand zone keeps showing strong bullish reactions, making it an important short-term support that continues attracting buyers. Staying above $58.00 leaves the door open for another push toward the upper supply area, while any drop below $57.70 could send price back down to the lower end of the range for another liquidity sweep.
⬤ This tight consolidation period matters because these structures usually come before big directional moves. Whether Silver breaks above the $59.20 ceiling or drops back to retest lower support levels will shape short-term trend expectations and influence momentum across the metals market. XAGUSD's ability to hold structure inside this range will be key in determining where it heads next.
Saad Ullah
