Silver price has rallied up to just shy of $30.00, a key resistance level. The $30.00 barrier lies at the top of a four-year consolidation range. A breakout above would be a significant technical event for Silver . Silver price is rising up in an ascending channel and on Thursday reached just shy of the $30.00 mark, a significant resistance level.
00 level can be seen more clearly on the weekly chart above, which shows the level has repeatedly been tested since 2020 when Silver’s long-term sideways consolidation began. This is the fourth time the level has been tested and it is possible that it will repel price once again, however, a decisive break above the level would probably lead to a volatile move higher. This is so because levels that have been repeatedly touched often generate volatile moves when they are finally penetrated.
XAGUSD Technical Analysis Silver
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