Peter Smith
⬤ Silver just made a decisive breakout on the weekly chart, pushing through a multi-year ascending channel that's been guiding its price action for nearly a decade. XAG/USD shot up after clearing that upper boundary and is now trading around the $77.50 mark. It's a big shift after years of moving within those channel lines.
⬤ That ascending channel goes all the way back to 2016, capturing multiple ups and downs while keeping a steady upward slope. Silver played by the rules for years, respecting both the lower support and upper resistance. But this recent move changed everything – price punched through that upper line and broke free from a structure that held firm through several market cycles.
⬤ Once silver cleared that channel, it didn't mess around. The acceleration was sharp – no pause, no consolidation, just straight upward momentum. The chart shows price racing away from what used to be resistance. After being compressed inside that channel for so long, silver finally found room to run and is now exploring territory it hasn't touched in years.
⬤ Multi-year technical patterns like this one matter because they shape how traders and investors view the bigger picture. When a structure that's been in place for years gets broken, it changes the game. Silver's now trading outside its historical framework, so all eyes will be on whether this momentum holds, how price behaves at these new levels, and how the market adjusts to this fresh structural phase.
Peter Smith
