Therefore, the emergence of a bullish hammer candle from this buy zone indicates an immediate move toward the $72 area. However, if the price closes above $72, it will likely push the silver price toward the $80 region. The price strength around this area indicates a continued rally in the silver market.
XAGUSD 4-Hour: $70–$72 Resistance Controls Next Move
The strong support of $60 in spot silver is also evident on the 4-hour chart, which shows strong resistance around the $70 to $72 level. A break above $70 to $72 will likely push the silver price toward $78.60.
Overall, the silver price remains in a consolidation zone between $90 and $60. A break of either of these levels will define the next move in the silver market.
