XAG/USD consolidates near mid-$59.00s after breaking key resistance, with momentum indicators signaling potential upside.
Silver (XAG/USD) rebounded during Thursday’s Asian session, halting a modest pullback from near $61.00, an over two-week high. The metal currently trades just above the mid-$59.00s, down 0.40% for the day, after breaking through the $59.00 confluence level, which includes the 100-period SMA and 23.6% Fibonacci retracement.
Technical indicators remain supportive, with the RSI at 61.21 in positive territory and the MACD histogram mildly positive. Analysts suggest the breakout reinforces near-term bullish momentum, though resistance is expected at $61.31, the 38.2% Fibonacci level. Further targets include $63.28 and $65.25.
Immediate support lies at $58.99, with deeper pullbacks potentially testing $54.94, a structural anchor for the current cycle.