Silver (XAG/USD) has recently broken free from the narrow trading range it had been confined to since the beginning of 2023, which spanned approximately between $21.00 and $26.00. The precious metal has surged to the upper boundary of a larger consolidation phase.
Over the past two weeks, silver has experienced a rapid rally, propelling it towards the next significant resistance level at the 2020 highs of $29.86. This level also marks the upper limit of a substantial consolidation zone that silver has oscillated within since 2020.
After reaching the upper boundary of this zone earlier in the week, XAG/USD has retraced slightly, settling in the $28.60s range over the past few days. This pullback suggests potential consolidation or profit-taking following the recent bullish momentum.
