Peter Smith
Silver (XAG/USD) rebounds from $36.41 support level but faces crucial test at $38.01 resistance to confirm any bullish momentum.
Silver is having a tough time lately, and traders are watching some key levels closely. After breaking below an important rising trendline, XAG/USD dropped all the way down to $36.41 before finding its footing. Now it's trying to claw its way back up, currently sitting around $36.99.
XAG/USD Still Trading Below Broken Trendline
The technical picture isn't looking great for silver right now. According to recent analysis shared on social media, XAG/USD slipped below its rising trendline – that's usually not a good sign when you're hoping for higher prices. Even though we've seen a small bounce from the $36.41 low, silver is still stuck below that broken trendline.
This kind of action typically makes traders nervous. When a trendline that's been supporting prices for a while suddenly breaks, it often means the momentum is shifting. The recent bounce might just be a temporary relief rather than the start of something bigger.
Silver Bulls Need to Clear $38.01 for Real Recovery
Here's where things get interesting for XAG/USD. If silver bulls really want to take control, they've got some work cut out for them. First, they need to push through the immediate resistance around $37.26. But the real test comes at $38.01 – that's the level everyone's watching.
Getting above $38.01 and actually staying there would be a game-changer. It would show that buyers are serious and could open the door for a move toward the $40 area. Until that happens though, it's hard to get too excited about silver's prospects.
Peter Smith
