XAG/USD and September silver futures challenge $60 but face selling pressure, delaying a confirmed bullish breakout.
Silver prices approached the $60 level after rallying from a July 17 low near $54.78, but failed to sustain gains above resistance. Both spot and futures markets tested the psychological barrier, with September futures peaking at $60.30 before retreating, signaling hesitation among buyers.
The broader trend remains cautiously bullish, supported by higher prices and value migration from the upper $56s to the upper $59s. However, the inability to hold above $60 suggests sellers remain active at key levels, preventing a confirmed breakout. Analysts note the market structure is constructive but lacks decisive momentum.
Traders are advised to watch for sustained acceptance above $60 to confirm further upside, while support holds near $58-$59. The prediction score of +3 reflects modest bullish sentiment tempered by short-term weakness.