Silver prices have recently surged, only to hit resistance near the 74 dollar mark. Market analysis indicates that 73 dollars serves as a crucial support level in the short term, while 74 dollars stands as a significant resistance point. Observers suggest that if silver manages to hold its ground at these levels, a renewed push towards 75 dollars could be on the horizon.
First resistance in silver and upside potential
According to market participants at DAYI BORSA, silver (XAGUSD) reached 74 dollars in the short term but faced selling pressure around this point. The metal pulled back from the upper resistance band as its upward momentum faded, returning to levels seen on the 18th day of the month. Technical analysis highlights the 74 dollar mark as an optimal level for short positions, while any dip below 73 dollars presents a buying opportunity.
The charts also reveal a support zone between 72.78 and 72.79 dollars. In this scenario, analysts anticipate that any pullback would first see silver testing the 73 dollar level, potentially setting the stage for another upward move.
Charts shared by DAYI BORSA illustrate that the price is now approaching short-term support zones and could once again target the 75 dollar threshold. However, analysts emphasize that maintaining current price levels is critical for this upward trajectory to materialize.
Market monitoring around 73.13 dollars
Another analyst, Kerem Katipoğlu, underscores the significance of the area around 73 dollars in the XAGUSD chart. Referencing his analysis, Katipoğlu notes, “A rejection occurred below 73.13,” marking this figure as an important reference point for short-term upward moves.
Charts indicate that the recent sharp rise has led to the formation of a flag pattern, typically signaling consolidation. For this structure to remain intact, silver needs to maintain its position above 73.13 dollars.
Should prices hold above this level, silver could climb once more toward 74 dollars. Short-term outlooks suggest a move toward the upper band may put the 75 dollar target back in focus.
Long-term outlook and consolidation in silver
An analyst known as UselinK101 provides a broader perspective, sharing an updated long-term chart for silver (XAGUSD). The chart shows that after peaking, silver is consolidating within an expanding downward structure.
The analysis points out that the recent waves of selling pressure have not been as intense as before. Still, the price continues to move within a correction channel on a daily basis, and a clear breakout is needed for a sustained upward trend.
It is also highlighted that silver may still be forming a final bottom. In line with this view, the 73 dollar level continues to gain importance in both daily and short-term charts. A strong reaction from this support could increase the chances of a recovery.
Currently, XAGUSD is fluctuating between established support and resistance levels in the short term. A breakout above 74 dollars would point to 75 dollars as the next target, whereas a move below 73.13 dollars would weaken upward expectations and prompt traders to look to new support around 72.78 dollars.
Charts show that silver reversed from resistance at 74 dollars, while a new decision point has emerged near the 73 dollar level. Analysts stress that these thresholds will be key in determining whether the next move is higher.
