The immediate resistance remains at the $4,200 to $4,280 area. However, a break above $4,280 will push the price towards the $4,370 and $4,500 areas on 4-hour chart. The short term price action also shows that a break above $4,500 will likely open the door for a rally towards $5,000.
Silver Price Forecast: XAGUSD Breakout Eyes $72
XAGUSD Daily Chart Shows Strong Rebound From $55
The daily chart for spot silver also shows a strong rebound from $55. The price is consolidating between $55 and $64. A break of these levels will likely define the next move. Due to the importance of the $55 support zone, the price may break the $64 level and push towards $72. The $72 level is the key resistance level and a break above this level will likely open the door for a rally towards the $89 region.