Silver (XAGUSD)Long
1-hr Silver: Breaking Above A Critical Level Might Boost Silver
Since Friday, Silver has corrected by $0.60, and the 1-hour charts show a Death Cross—a traditional sell signal. However, recent price action suggests strong upward momentum, as buyers increasingly enter on dips. This bullish view is reinforced by Silver breaking above the critical 61.8% Fibonacci retracement level. This move suggests the swing may not be a mere correction of the previous drop but rather a continuation of the broader uptrend. Additionally, Gold is also trending higher, and its strong historical correlation with Silver supports this outlook. We anticipate Silver could retest $31.40 in the short term. If it breaks above this resistance, the price may climb further, potentially reaching $33.00 by the week’s end.
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