Silver's Recent Push - Watching the $29.50-$30 Zone on $XAGUSD
Hey everyone, been keeping a close eye on silver lately, especially with the recent momentum. $XAGUSD has shown some serious strength, breaking past some prior resistance levels. What's really catching my attention now is this zone around $29.50-$30. It looks like a pretty significant psychological and technical barrier, given it's been a rejection point multiple times in the past, and it's also roughly where the 2020 highs were.
I'm curious to see how price interacts with this level. A clear breakout and sustained hold above it would be a pretty bullish signal, potentially opening the door to a retest of the all-time highs. On the flip side, a strong rejection here, perhaps with some bearish candlesticks or a quick dip back below, would suggest we might be due for a consolidation or even a deeper pullback. My invalidation for a continued strong move would be a decisive close back below, say, $28.50, which was a pretty solid support in late May. Just throwing it out there for discussion, would love to hear if others are seeing similar things or have different perspectives on this critical zone.
I'm definitely watching that $29.50-$30 level too. It seems like a pretty critical area. Do you think we'll see a consolidation before a push through, or more of a direct challenge if the momentum holds?