Usman Salis
⬤ Silver retreated after a powerful rally pushed the metal toward $84, where it ran into resistance. The price touched the upper edge of an ascending broadening wedge pattern before reversing course. XAG/USD had been in a strong uptrend through late 2025 before this pullback—the first meaningful correction from the recent peak.
⬤ Earlier in the year, silver traded within an ascending channel before breaking higher into the wedge formation. The breakout sparked a sharp acceleration that carried prices into the $84 zone, where the correction started. "The next support level is expected to act as a magnet for price in the near term," analysts noted, as momentum cools after the extended run.
⬤ Even with the drop from $84, silver remains well above its earlier trading ranges. The pullback looks like classic profit-taking at resistance following a steep climb. The next support zone could become crucial—if price stabilizes there, it might set the stage for another leg higher.
⬤ This move matters because silver has been trading near historically elevated levels. How the metal behaves around the next support could shape the broader trend and signal whether buyers are ready to step back in or if more downside is ahead for XAG/USD.
Usman Salis
