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I just noticed that the decline in silver is in an interesting range. XAG/USD still remains strong above $49 after recently testing a new all-time high. The RSI indicator is still above 70, indicating that the market has strong buying momentum, although there is a risk of a correction.
From the daily chart, silver prices are moving within a clear upward channel, remaining above the 9-day EMA line at $47.67. If it can push higher, the next target could be $50.00. However, if it pulls back, watch the $44.60 level, because if it breaks below that, the momentum could weaken significantly.
Currently, the silver market seems to be waiting for a decision. The $49 level is critical and should be closely monitored. If it holds, there’s a good chance it could reach $51.