Silver Spot (XAGUSD): Healthy Pullback Retests Support Ahead of Next Drive
Silver Spot is undergoing a minor corrective pull-back on the 4-hour timeframe, trading down to 61.74050 (-0.55%) after touching recent local highs near 62.80000. Price action has pulled back into local horizontal structure around the 61.58863 to 62.38108 zone, establishing a potential higher-low floor following the recent impulse move.
Institutional order flow remains structured to the upside, with the current pullback functioning as a healthy consolidation retest above broken supply. The white projected arrow highlights an anticipated bullish continuation off this support floor, pointing toward a retest of 62.38108 and a push toward primary resistance near 63.35011.
Bulls need to defend the immediate 61.58863 support area to maintain market structure and drive the next expansion leg higher. On the flip side, bears would need to force a decisive breakdown below 61.58863 to extend the drop toward deeper support around 60.51891. Supporting the bullish outlook, the RSI (14) has cooled off from overbought territory to 65.46 (SMA at 68.27), holding comfortably above the 50 neutral midpoint and signaling strong underlying momentum for buyers.
#XAGUSD $XAG
Silver Spot is undergoing a minor corrective pull-back on the 4-hour timeframe, trading down to 61.74050 (-0.55%) after touching recent local highs near 62.80000. Price action has pulled back into local horizontal structure around the 61.58863 to 62.38108 zone, establishing a potential higher-low floor following the recent impulse move.
Institutional order flow remains structured to the upside, with the current pullback functioning as a healthy consolidation retest above broken supply. The white projected arrow highlights an anticipated bullish continuation off this support floor, pointing toward a retest of 62.38108 and a push toward primary resistance near 63.35011.
Bulls need to defend the immediate 61.58863 support area to maintain market structure and drive the next expansion leg higher. On the flip side, bears would need to force a decisive breakdown below 61.58863 to extend the drop toward deeper support around 60.51891. Supporting the bullish outlook, the RSI (14) has cooled off from overbought territory to 65.46 (SMA at 68.27), holding comfortably above the 50 neutral midpoint and signaling strong underlying momentum for buyers.
#XAGUSD $XAG