Usman Salis
⬤ Silver appears to be finding its footing after recent declines, with the daily chart painting an interesting picture of potential recovery. Technical analysis highlights several indicators suggesting XAG might have established a bottom, including complementary signals from gold movements and the gold-silver ratio.
⬤ The metal bounced from support near $70 and is currently trading around $77.94. What's notable is the series of resistance levels stacked above: the mid-$80s mark the first hurdle, followed by the psychologically important $100 level, with the $120 zone representing a longer-term target if momentum builds.
⬤ The technical setup shows a classic recovery pattern—an initial push toward the first resistance area, likely followed by a healthy pullback before resuming the uptrend. Price is holding above a rising support line while still respecting the broader downtrend structure, creating an interesting tension that could resolve to the upside.
⬤ If this bottom holds, silver could start working its way through these resistance zones over the next several weeks, potentially riding the broader tailwinds in the precious metals market.
Usman Salis
