Sep 29 • 📢 Updates
Silver (XAG/USD) Daily Outlook
Silver (XAG/USD) Daily Outlook
- Structure: Silver has been consolidating after a strong recovery from the $54.55–$56.45 demand area. Price recently retraced into the 61.8% Fibonacci level around $60.95, showing a potential reaction from this key zone.
- Market Bias: The broader structure remains bullish, with the recent move maintaining higher lows from the July bottom. Buyers are attempting to defend the Fibonacci retracement area.
- Near-Term Expectation: A further dip toward the 79% Fibonacci level around $58.09 cannot be ruled out. This would still be considered a corrective move as long as the major demand zone continues to hold.
- Key Fibonacci Levels: The 61.8% level at $60.95 is an important short-term area, while $58.09 (79%) and $56.46 (88.6%) provide deeper retracement levels.
- Upside Target: If buyers regain momentum and price sustains above the current retracement area, the key upside target is around $68.54, with the previous swing high near $71.31 acting as an additional resistance area.
- Key Invalidation Level: A sustained break below the $54.55 level would invalidate the current bullish recovery structure and require a reassessment of the setup.
- Conclusion: As long as Silver holds above the $54.55–$56.45 demand zone, the broader bullish structure remains intact. A pullback toward the $58.09–$60.95 area could be viewed as a corrective move before another potential attempt toward $68.54.
What’s your view on XAG/USD — bullish continuation toward $68.54, or a deeper retracement before the next move higher?
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Silver (XAG/USD) Daily Outlook
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