Silver Price Analysis: Will a Break $58 Confirm a New Bullish Rally?

From a technical perspective on the 4-hour chart, remains at a critical juncture after successfully rebounding from the $56.60–$56.90 support zone, an area that has repeatedly absorbed selling pressure over recent sessions. The chart also shows the formation of a short-term bullish reversal pattern, accompanied by improving momentum as momentum indicators recover from oversold territory, strengthening the case for further upside. In my view, as long as holds above $56.60, buyers are likely to retain control, keeping the bullish outlook intact over both the short and medium term.
 
On the upside, the bullish trend still requires further confirmation, with XAG/USD facing its first resistance around $59.05, followed by the key psychological and technical barrier at $60.30, where the harmonic pattern shown on the chart is expected to complete. In my opinion, a decisive breakout and sustained close above this zone would significantly improve the technical outlook, paving the way for a move toward the descending moving average and then the next major target near $61.00. Such a breakout could mark the beginning of a fresh bullish leg, particularly if supported by favorable fundamental catalysts.

The alternative scenario remains valid if silver fails to overcome the current resistance and falls back below $56.60. In that case, selling pressure could intensify, exposing the market to a decline toward $55.20, which represents the last key support area for buyers in the short term. Therefore, I believe silver’s near-term direction will largely depend on its ability to hold recent gains, with the bullish breakout remaining the preferred scenario as long as prices stay above the key support zone.

Resistance Levels: $59.05 – $60.30 – $61.00
Support Levels: $56.59 – $55.20 – $54.80

investment advice. Past performance is no guarantee of future returns. Seek independent advice before making decisions. ” src=”https://media.investing.com/images/c2f1aae34ec00e61da358bbc9f2c8951_20260729040342.jpg” alt=” 29.07.2026 – XAGUSD – Chart powered by TradingView. Charts are for educational and illustrative purposes only and may differ from live trading prices on our platform. Disclaimer: The chart reflects the analyst’s opinion and does not constitute investment advice. Past performance is no guarantee of future returns. Seek independent advice before making decisions. ” width=”474″ border=”0″/>