Silver (XAG/USD) is currently consolidating its strong gains registered over the past four days, oscillating within a range during the Asian session on Thursday. The white metal is trading around the $53.35–$53.40 region, just below a nearly four-week high touched on Wednesday, and appears poised to appreciate further.
From a technical perspective, the recent solid rebound from the vicinity of the 50-day Simple Moving Average (SMA) and the subsequent upward move favor the XAG/USD bulls. Additionally, oscillators on the daily chart have been gaining positive traction and remain well away from overbought territory. This validates a constructive outlook for silver in the near term.
As such, some follow-through strength beyond the overnight swing high—around the $53.65–$53.70 region—looks likely, with a potential move towards reclaiming the $54.00 round figure. A sustained break above $54.00 would set the stage for an extension of the positive momentum, aiming to retest the all-time peak near the $54.85 zone, last touched in October.
On the downside, any meaningful corrective slide below the $53.00 mark could attract buyers near the $52.45 intermediate support level. This support should help limit losses for XAG/USD close to the $52.00 round figure. However, failure to defend these support levels could trigger technical selling, potentially dragging silver down to the $51.30–$51.20 area.
Overall, the technical picture for silver remains bullish, with key support levels in place and room to run toward recent highs. Traders will be watching closely for confirmation of follow-through strength in the coming sessions.
https://bitcoinethereumnews.com/finance/xag-usd-consolidates-near-four-week-high/
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