Marina Lyubimova
⬤ Silver took a sharp dive in the latest session, landing right in the $95–97 support zone that technical analysts had been watching on the one-hour chart. This level proved its significance as price hit it almost perfectly after breaking down from the ascending channel that had been supporting the recent rally. The breakdown signals that the short-term uptrend has lost its momentum, at least for now.
⬤ Before the selloff, silver was trading comfortably inside a well-defined rising channel, bouncing between the upper and lower boundaries. But after failing to push higher near $118–120, sellers stepped in hard. The resulting decline cut through intermediate support levels and sent XAG straight down into the $95–97 zone—a key horizontal support level that lines up with broader chart structure.
This level had been flagged in advance and price reached it precisely, confirming its technical importance.
⬤ Now the focus shifts to what happens next. A bounce toward $106 and the bottom of that broken channel wouldn't be surprising after such an aggressive drop. That $106 area is the critical test—if silver can reclaim and hold above it, bulls might regain control. If it can't, we could see another leg down. The key is waiting for confirmation rather than jumping the gun on a reversal call.
⬤ This matters for the broader precious metals market because silver tends to get volatile at major technical levels. How it reacts from $95–97 and whether it manages to reach $106 will likely tell us if this is just a healthy pullback or the start of something deeper. The next few sessions around these levels should give traders a clearer picture of where XAG/USD is headed next.
Marina Lyubimova
