Usman Salis
⬤ Silver (XAG/USD) is holding strong after a sustained rally, now attempting to push past Monday's pivotal daily candle. Both Tuesday and Wednesday formed inside-range candles within Monday's gravestone doji pattern, showing consolidation instead of a breakdown. The daily chart reveals silver staying above rising support while pausing near resistance following its impressive run-up.
⬤ The most recent session printed a small-range bullish spinning top with a modest upper wick. This candle shows short-term indecision as buyers keep probing higher while sellers haven't taken control yet. These patterns typically show up during pauses after strong uptrends and usually mean the market's digesting recent gains rather than preparing to reverse.
⬤ Looking at the bigger picture, silver keeps trading above its rising trend support with higher lows intact on the daily timeframe. Previous resistance zones have now flipped into support, strengthening the bullish setup. There's no confirmed bearish pivot or reversal pattern yet, which means buyers still have control as long as price stays above the key support levels shown on the chart.
⬤ A sustained hold above current support keeps the path pointing higher, while a clear bearish pivot would raise the risk of a deeper pullback. Until we get that kind of confirmation, silver's broader uptrend stays technically intact, with price action showing consolidation rather than exhaustion.
Usman Salis
