Saad Ullah
Silver's chart is painting a compelling picture for bulls right now. The precious metal has been building a textbook wedge formation that's got traders buzzing about an imminent breakout. All eyes are on whether silver can punch through the $38 barrier and make a run for $40.
Silver (XAG) Price Action Forms Classic Bullish Setup
Silver's been dancing around $37.6480, carving out a solid bullish wedge pattern - higher lows meeting lower highs in that classic converging triangle setup. What's really catching attention is the rounded bottom formation sitting inside the wedge, giving double confirmation that buying pressure is building.
The whole setup has that "coiled spring" feel. Price has been compressing into a tighter range, and something's gotta give soon. Based on how these patterns typically play out, the smart money's betting on an upside breakout.
Key Silver (XAG) Levels That Could Trigger the Next Big Move
The immediate battle line is drawn at $38.00 - that's where the upper wedge boundary sits. If silver cracks through there with conviction, we could see a swift move toward the $40 zone, which acts as a major psychological level.
On the downside, support sits around $37.00 where the ascending trendline comes into play. As long as this holds, the bullish story stays intact. Break below there though, and we might see a deeper pullback.
With current price at $37.6480, we're in that sweet spot where either direction could happen, but the technical evidence is leaning bullish.
Saad Ullah
