Silver (XAG/USD) Tests Key Resistance as Bulls Eye Breakout

Silver prices are consolidating after a corrective phase, with traders closely watching the $83.08 resistance level. A decisive breach could signal renewed bullish momentum, though technicals show conflicting signals between demand recovery and lingering resistance zones.

The metal found support near the $60-$70 range, where buyers consistently emerged during pullbacks. Chart patterns suggest accumulation at these levels, with GGG Trades noting potential for new highs if daily demand persists. However, overhead supply looms between $80-$83 and again at the $110-$120 range—the latter marking January's peak before the subsequent 30% retreat.

EWF Sandile's Elliott Wave analysis maintains caution, emphasizing that the $83.08 barrier must break to invalidate bearish setups. The current price action reflects a standoff between institutional accumulation and profit-taking at prior highs.