Eseandre Mordi
⬤ Silver (XAG) changed direction sharply after it printed a hammer candle in the previous session, which hints that the recent sideways move might reverse. The bearish head-and-shoulders pattern that had formed on the 1-hour chart lost validity when both silver and gold closed with strength and mining stocks also ended the day firm. XAG now heads toward rising resistance after it broke out of the earlier negative setup.
⬤ The rally followed an intraday dip that took silver from a 0.8 % gain to a 0.5 % loss mid session before it recovered. Despite the swings, the wider structure looks sound - XAG trades above the Ichimoku cloud on the 1-hour chart. The cloud lies near $57.30 - $57.50; bulls must keep price above that zone to stay in control. If support fails the outlook turns bearish again plus price may fall toward lower channel levels.
⬤ Silver now pushes against rising resistance inside the broader uptrend that began in November. A break through this ceiling will decide whether the move continues or fades. Mining stocks which usually lead sentiment in precious metals, closed strong and avoided the double top that had seemed likely before yesterday's session.
⬤ This level matters because silver stands at a technical junction where momentum meets structural support. A clear break above resistance could add bullish pressure across the metals sector - failure to hold the 1-hour cloud would bring caution back. Volatility has risen near those levels - traders watch closely while silver tests both overhead resistance and critical support.
Eseandre Mordi
