XAGUSD maintains a clear bullish structure on the H4 timeframe, having rebounded strongly from the 58 level and consistently formed higher lows. The current decline from the 65 area appears to be a corrective move following the recent rally rather than a trend reversal signal.
The most notable zone is 60.60–61.16, where technical support and the Ichimoku Cloud converge. Should the price pull back to this level and buying pressure re-emerge, I anticipate XAGUSD could initiate a new upward leg—initially returning to the recent peak before testing the 65.92–66.00 range.
The macroeconomic backdrop also supports this scenario; recent weak US labor data has weighed on the USD and bond yields, creating a more favorable environment for precious metals. Therefore, rather than chasing the price at current levels, I prefer to wait for a pullback and a bullish reaction at the support zone.
The bullish scenario would be undermined if XAGUSD decisively breaks below the 60.60–61.16 zone and sustains its position beneath it.
The most notable zone is 60.60–61.16, where technical support and the Ichimoku Cloud converge. Should the price pull back to this level and buying pressure re-emerge, I anticipate XAGUSD could initiate a new upward leg—initially returning to the recent peak before testing the 65.92–66.00 range.
The macroeconomic backdrop also supports this scenario; recent weak US labor data has weighed on the USD and bond yields, creating a more favorable environment for precious metals. Therefore, rather than chasing the price at current levels, I prefer to wait for a pullback and a bullish reaction at the support zone.
The bullish scenario would be undermined if XAGUSD decisively breaks below the 60.60–61.16 zone and sustains its position beneath it.
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