Silver Price Analysis: Testing Key Resistance After Breakout

Silver (XAG/USD) has surged to the top of its multi-year consolidation zone, hitting resistance near the 2020 high at $29.86 after breaking out of a

Silver (XAG/USD) has surged to the top of its multi-year consolidation zone, hitting resistance near the 2020 high at $29.86 after breaking out of a narrower 2023 trading range. This significant breakout raises questions about further upward potential.

Key Factors:

Overbought Signal: The Relative Strength Index (RSI) in overbought territory suggests a potential pullback. The previous occurrence of this signal in August 2020 preceded a substantial decline.
Bullish Trends: While short- and intermediate-term trends remain bullish, the overbought RSI increases the risk of a correction.
Key Resistance: A decisive break above the $30.07 (2021 high) would signal a breakout from the four-year consolidation zone, opening the door to a further advance towards $32.40.
Correction Potential: A correction could lead to a decline towards the former range high support at $26.00, though bullish momentum suggests a potential recovery afterward.

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