Peter Smith
Silver is showing early signs of recovery after weeks of sustained selling pressure pushed XAG to its lowest levels in months. As Mary Taylor reports, the metal's bounce from the $63-$65 demand zone gives bulls something to work with, but clearing the $79.34 resistance wall remains a tall order.
Support at $63-$65 Holds as Buyers Step In
XAG staged a short-term rebound after hitting a low near $65.4, with price now trading around $67.9. The bounce came from a clearly defined support zone between $63 and $65, a demand region where selling pressure slowed and buyers stepped in. This is consistent with silver holding $64 support after trendline break, where maintaining that level was critical to avoiding deeper downside.
The broader structure remains under pressure. Price is still trading below a visible descending trendline, pointing to a downtrend that the recent bounce has not resolved. The chart shows a prior strong uptrend followed by a sharp breakdown that placed XAG in a corrective phase, and one bounce from support does not change that narrative.
$79.34 Is the Level That Changes Everything
According to the projected path, silver may revisit the $63-$65 range before attempting a move toward $79.34. This level sits near the descending trendline and a prior resistance zone, making it a key technical barrier. Similar corrective dynamics appeared in silver breakdown toward $61 pivot levels, where price moved between support zones before stabilizing.
If XAG clears $79.34, the path toward $90+ opens up. That scenario matches previous resistance reactions detailed in silver testing $90 resistance after rebound, where upside continuation depended on breaking key barriers. For now, the setup is an inflection point, not a confirmed trend reversal.
Peter Smith
