🚨 Gold Update: Bulls Eye $3,500 Again? 📈
08 Aug 2025
29 Jul 2025
🔍 Silver Technical Outlook – XAG/USD Eyes Mid-Term Support Zone Around $37.85
The silver market (XAG/USD) is showing signs of short-term weakness following an aggressive rally from April lows. After peaking near $39.20, price action has turned corrective, a move that was clearly anticipated by bearish divergence on the 4-hour chart — and later confirmed by Friday’s sharp bearish impulse.
As of now, Silver is consolidating slightly above $38.00, the July 29 intraday low, but downside pressure remains evident. The RSI on the 4-hour timeframe is hovering close to oversold territory, yet not fully exhausted, indicating that the current dip still has room to extend — especially with the US Dollar maintaining upside momentum.
🔻 Key Technical Levels to Watch:
• Trendline Support: $37.85 – Mid-term ascending trendline from April lows
• Horizontal Support: $37.55 – July 15–17 support zone
• Break Confirmation: A decisive break below this support cluster could validate a completed 5-wave bullish cycle (Elliott Wave) and signal the start of an A-B-C corrective phase.
🔼 Upside Barriers:
• Immediate resistance at $38.35 (Monday’s high)
• Followed by $38.75 (July 24 low) and $39.55 – a critical level where sellers previously re-emerged.
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