Targeting a value of $58... Investors focus on the 'final target' of $84

Reaching All-Time Highs Followed by Technical Correction… Interpreted as a Process to Resolve RSI Overbought Conditions

Last week, silver(XAG/USD) experienced a strong rally and is currently consolidating around $58. The market views this correction as a ‘technical fatigue relief phase,’ and the medium- to long-term bullish trend remains intact. Spot silver prices are showing a decline of about 0.20% intraday, but this is regarded as a normal correction rather than a trend reversal.

Breaking the $54.50 Resistance is a Game Changer… Upward Momentum Still Strong

The decisive trigger for this silver price increase was confirmed last Friday. Breaking through the solid horizontal resistance at $54.40–$54.50 clarified the technical signals, and prices quickly reached the all-time high territory. Currently, the market is in the process of consolidating short-term profit-taking after the sharp surge, and among investors, the correction is widely seen as a setup for further gains.

Lower Support Levels at $58.15 and $58.00… Focused on Rebound Strategies

From a technical perspective, the current correction is an ideal zone for a ‘dip buying’ strategy. The lows of $58.15 and $58.00 during the Asian session are expected to serve as the first support levels. There is a high likelihood of new buying interest at these levels, and if the correction deepens, the $57.65–$57.60 range could act as the next support zone.

However, if even $57.60 breaks, technical selling pressure may emerge, with potential declines extending to $57.00 and the previous day’s swing low of $56.60–$56.55. This zone could become a critical crossroads for the short-term trend, attracting significant market attention.

Surpassing $60 to $84… Long-Term Target Becomes Clearer

Bullish advocates are closely watching the breakout above $58.85, last Monday’s all-time high. If this high is surpassed, prices are expected to naturally test the psychological resistance at $60.00, the ‘round figure.’ In the medium term, more market participants are setting their sights on exceeding $60 and aiming for a higher target of $84.

Seeking Reentry Opportunities During Correction… Structural Uptrend Remains Intact

Currently, the silver market is on a path to normalize short-term overheating based on the structural uptrend confirmed by the breakout above $54.50. Once support around the early $58s is confirmed, investor interest is likely to shift naturally toward $60 and then $84. For the foreseeable future, the market will continue to balance technical corrections and supply-demand dynamics while aiming for higher target levels.