Peter Smith
Silver (XAG) impressive rally has hit a significant hurdle. Following weeks of steady gains, the precious metal was rejected at $48.37-a resistance zone that's been on traders' radars. Now the market is asking whether silver can maintain its strength or if we're due for a deeper pullback.
Technical Analysis
Analyst İbrahim Duran points out that the green and black trendlines remain crucial for preserving the bullish bias.
The daily chart shows silver hovering near $46.16, edging lower after failing to push through $48.37. Immediate resistance sits between $47.60 and $48.37, while key support is anchored at $43.15, with fallback levels at $39.86 and $38.36. Price action continues to respect both upward trendlines, keeping the broader bullish framework intact. Momentum indicators hint at potential consolidation before another upward attempt.
Market Drivers
Inflation concerns continue to bolster demand for precious metals as investors look for hedges. The dollar's recent weakness has added fuel to silver's appeal, while expanding industrial use - particularly in green technologies and electronics - reinforces the metal's long-term fundamentals.
Peter Smith
