Silver (XAG/USD) is testing key levels after forming a symmetrical triangle pattern on intraday charts, with analysts highlighting a potential breakout near the $69.82 support zone. Kerem Katipoğlu noted that the metal has been oscillating between $69.50 and $70.50 within a compressing structure, indicating declining volatility and an imminent directional move.
Immediate resistance lies at $73.09, followed by $78.82 and $83.05. A break above the upper trendline could target the recent high around $71 before testing those zones. Conversely, failure to hold the rising lower trendline would jeopardize the short-term recovery, with a potential decline toward $62 — the June low and the bottom of the current corrective pattern.
On the daily timeframe, silver remains below two major moving averages near $74.20, a level reinforced by a visible volume shelf. Candlestick formations reflect fading bullish momentum, with a shooting star and doji appearing after a bounce. The RSI hovers at 41, while the MACD stays below zero, confirming bearish control. Market participants await a resolution of the triangle to gauge whether a challenge of the $74 volume zone or a retreat to the $62 support area is next.
