Recent analysis shows silver is currently finding strong support around $73, with $74 acting as a nearby resistance level. If silver can maintain its current structure and avoid falling below this support, some traders believe it could potentially rise to $75.
Silver Rejects Near $74
DAYI BORSA observed that silver prices fell back after briefly reaching $74. The price of XAGUSD retreated from a resistance level on the chart, now trading around the $18 mark after losing upward momentum near a recent selling point.
The X chart also highlighted the $72.78-$72.79 price range as a level where the price might find support. According to a recent blog post, the price could need to drop to $73 before starting to rise again. This creates a short-term pattern of falling, then rising prices.
DAYI BORSA identified $74 as a key price point to consider selling, and $73 as a good price to buy. They anticipated the price would likely fall to a support level before potentially rising towards $75, as long as the $73-$74 range holds steady.
Traders Watch $73.13
Kerem Katipoğlu also pointed out the $73 level on a silver chart. He questioned whether the price of silver would increase, noting that it had previously faced resistance around $73.13. This suggests that $73.13 could be a key level to watch for a potential short-term price increase.
The price of X recently showed a flag pattern on its chart after a significant increase. This pattern usually means the price is pausing to stabilize after a big move, but it relies on the lower trendline holding steady. If the price falls below $73.13, this pattern would likely be invalidated.
If silver prices rise and break through a certain level, the chart indicates a potential high around $74. This fits with a broader expectation that silver needs to test the upper limit of its recent trading range before it can make a move towards $75.
Daily Chart Shows Wider Setup
UselinK101 shared a daily silver (XAGUSD) chart showing that the price has been moving sideways after a recent rally. The chart highlighted a broad descending pattern, with the price currently trading within a corrective channel following its previous peak.
Silver’s recent price dips have been getting smaller after each peak. While the price is currently stable, buyers need to see a definitive surge above its current range to confirm a significant price increase.
The X chart suggests silver prices might fall a bit further before starting to rise again overall. This makes the $73 level important to watch on both daily and short-term charts, as a noticeable bounce back at that price would strengthen the idea that prices are recovering.
XAGUSD is currently trading within a narrow range, bouncing between support and resistance levels. If the price rises above $74, it could then aim for $75. However, a drop below $73.13 would weaken the current upward trend, potentially leading to a test of support around $72.78.
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2026-05-01 09:23