Alex Bobrov
⬤ Silver prices stabilized near the $110 level after a brief pullback, maintaining their broader upward structure. The XAG/USD chart shows price holding above the upper band of a rising broadening wedge, confirming the recent decline was a technical retest rather than a breakdown. Silver tested this key area and held, keeping the prevailing trend intact.
⬤ The chart highlights a well-defined rising broadening wedge that has guided price action since mid-November. Throughout this period, Silver has consistently printed higher highs and higher lows while respecting the wedge boundaries. The latest pullback brought price back toward the upper band, where buying interest emerged and prevented any sustained move lower.
⬤ Momentum strengthened notably into late January, with Silver advancing sharply from the mid-$90s toward the $110 area. While the rally included brief pauses and consolidations, no strong rejection signals appeared near resistance. Following the recent retest, price rebounded and continued trading close to the upper edge of the structure, indicating bullish control remains largely intact.
⬤ This price behavior matters for the broader market context. Holding above the upper band of a rising broadening wedge often supports trend continuation scenarios. Sustained consolidation near the highs can signal strength, while losing this level would likely introduce higher volatility. For now, Silver's ability to hold above former resistance suggests the market still favors upside, with upcoming sessions likely clarifying whether momentum resumes or transitions into a deeper consolidation phase.
Alex Bobrov
