FX.co ★ _____ | XAG/USD, SILVER

XAG/USD Technical Outlook: Bullish Above 66.00 as Silver Presses Toward 70.00 Silver (XAG/USD) is trading around 68.9705 on the 1-hour chart after a powerful bullish expansion from the 62.70–63.00 region. The move has produced a clear sequence of higher highs and higher lows, with price breaking through successive resistance areas around 66.00 and 67.00 before reaching the 69.00–70.00 region. The immediate bias remains strongly bullish, although the latest candles show some hesitation near the psychological 70.00 level. The major structural shift occurred after price found demand near 62.70–63.00. From there, buyers began a sharp recovery, first reclaiming 65.00, then breaking above the marked supply zone around 66.00–66.50. The subsequent advance accelerated through 67.00, establishing a series of higher highs and confirming that the earlier bearish phase had transitioned into a strong upside trend on the visible 1-hour structure. The 66.00 region is now particularly important because it sits near the previous breakout and the marked demand/FVG area. Price moved decisively through this zone before continuing higher, meaning a future retest could provide an important test of whether former resistance has become support. The earlier 63.00–64.00 demand region remains a deeper structural reference, but it is considerably farther below the current market. Price action near the top of the chart deserves caution. Silver pushed above 69.00 and approached 70.00, but several candles around the highs show rejection and consolidation rather than uninterrupted expansion. This is not yet a confirmed reversal; it is simply evidence that sellers are becoming active near a major psychological level. A clean break and 1-hour acceptance above 70.00 would strengthen the continuation case, while repeated rejection could produce a short-term retracement. The primary bullish scenario is a controlled pullback that holds above the 66.00–67.00 breakout structure. If buyers defend this area and price subsequently regains the recent highs, the market could make another attempt at 70.00. A sustained break above 70.00 would confirm further upside expansion, although the screenshot does not provide enough overhead structure to establish a reliable exact target beyond that level. The alternative scenario is a deeper correction from the current highs. If price fails to hold the recent breakout structure and falls back through 67.00, the next important area becomes the marked 66.00 region. A sustained break below 66.00 would weaken the immediate bullish thesis and could expose the earlier 64.50–65.00 structure. A move back toward the 63.00 demand zone would represent a much larger reversal rather than a routine pullback. From a risk/reward perspective, chasing Silver at 68.9705 is less attractive with price sitting directly beneath 70.00 resistance. A cleaner bullish setup would be either a confirmed break above 70.00 followed by a retest, or a controlled retracement toward 67.00–66.00 with clear bullish rejection. This approach avoids entering after an already extended impulse move. Overall, XAG/USD remains strongly bullish on the 1-hour chart, supported by the powerful reversal from 62.70–63.00, successive higher highs, and the break through 66.00 and 67.00. The key near-term battle is around 70.00. Holding the breakout structure keeps the bullish continuation thesis intact, while sustained acceptance back below 66.00 would signal that the current upside trend is beginning to lose momentum.