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Silver holds a triangle range as breakout attempt loses steam
The metal is testing the lower boundary of its current market profile near $56.643, with the next support cited around $54.846 as investors await the Fed meeting on July 28 to 29.
Silver is trading in a broad range as it blends an industrial metal role with a refuge asset narrative, a mix that has contributed to the lack of a clear trend in recent weeks, Action Forex said. The outlet noted that shifting expectations for central bank interest rates can affect the appeal of non-yielding assets like silver, while a structural supply deficit is supported by growing investment demand that has been offsetting softer industrial consumption.
Technically, silver (XAG/USD) is forming a structure on the four-hour chart that resembles a triangle, with a descending trendline tied to swing highs near $63.000 and an ascending trendline linking higher lows from the $56 area. After a failed breakout, the price is testing the lower boundary of the market profile at $56.643 from below; if that level continues to act as resistance, Action Forex cited the next notable support near $54.846. If silver moves back into the range, the Point of Control at $58.357 and the upper profile boundary at $59.895 are cited as upside reference points, followed by resistance near $60.686.
Action Forex added that vertical volume has not fallen in a way typically seen as triangle ranges narrow, and the RSI + moving averages indicator is below the neutral zone, with readings of 45, 40, and 42. The outlet pointed to the Federal Reserve meeting on July 28 to 29 as the next major catalyst that could determine silver’s next sustained directional move.
Latest closeSilver $55.72 ▼2.4%