Silver (XAG/USD) is failing to extend its early Asian-session advance and has eased from the $54.40–$54.45 region – its highest level since October 17. The metal is trading in the mid-$53s, still up around 0.20% on the day and on track to post solid weekly gains.
Technical outlook suggests a multiple-top pattern near resistance
Repeated failures to secure a daily close above the $54.40–$54.50 resistance band have created a bearish multiple-top formation on the daily chart. Still, momentum indicators remain in positive territory, suggesting that sellers may need confirmation before declaring a near-term top.
A dip below $53.25 – Friday’s Asian-session low – could attract fresh buying interest near the $53.00 psychological level. This zone is expected to cushion the downside ahead of Thursday’s low at $52.70–$52.65. A clear break beneath this support range would likely trigger additional technical selling, opening the door toward the $52.00 handle.
Upside barriers remain firm near $54.50
On the upside, the $54.20–$54.25 area is expected to act as the first obstacle. A sustained move above it would put the all-time high at $54.70–$54.75 (set in October) back into focus. Follow-through buying beyond $55.00 – a key psychological barrier – would signal renewed bullish momentum and could set the stage for another leg higher in the near term.
