Silver (XAG/USD) corrects back after peaking at the $32.51 high of May 19.
Silver has corrected back to key support near $30.00. It will probably steady and resume its uptrend in time. A decisive break below the $30.00 level would reverse the trend and usher in more bearishness. Silver corrects back after peaking at the $32.51 high of May 19. It is close to a major support level at $30.00, the top of a four-year consolidation range.
If Silver pulls back any lower it will probably find support at the $30.00 level of the former range highs. From there it is likely to rebound and resume its uptrend, probably climbing back up to retouch the $32.51 high, then possibly surpassing it. However, there are no signs yet from price action that this is happening. It would require a decisive break below the $30.00 level to bring into doubt the dominant uptrend.
XAGUSD Technical Analysis Silver
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