Silver Price Today | 17 June | Silver Price Forecast: Bulls Gear Up for Breakout as XAGUSD Eyes $38.61 Resistance
Silver Price Today| June 17|
In the ever-volatile world of commodities, silver (XAGUSD) is once again proving why it’s one of the most closely watched assets on global trading desks. After staging a powerful rally in early June, silver has entered a phase of tight consolidation just below its recent trend high. Traders and analysts alike are now looking for cues: is silver about to launch the next leg of its bullish journey toward $38.61, or will we see a tactical retreat before further gains?
All eyes are on price action, and the technical landscape is beginning to signal a potential breakout — one that could redefine short-term strategy for commodity bulls.
Technical Setup: Holding Strong Near the Trend High |Silver Price Today
Silver made headlines last Monday when it hit $36.89, marking a new trend high. Since then, it has hovered just below this level, consolidating in a narrow range and preparing for a possible continuation. The recent pullback to $35.46—a textbook support test—was met with renewed buying strength, producing a bullish hammer candlestick, a well-known reversal signal that often precedes strong upward moves.
This dip and rebound not only confirmed the short-term support level but also nearly completed the ABCD harmonic pattern, with an initial upside target at $37.05. The market’s behavior around this structure provides further confirmation that buyers are maintaining control.
Chart Patterns: Bull Flag or Pennant Suggests Upside Continuation
Technical traders are now closely monitoring the formation of a bull flag or pennant pattern—classic continuation patterns that typically emerge during mid-trend consolidations. These patterns represent a pause before the next impulsive move and often resolve in the direction of the prevailing trend.
➡️ Key Confirmation Zone:
To validate the bullish setup, silver must hold above the $35.46 support level. A decisive breach would weaken the current bullish case and shift attention to the next technical safety net.
Key Support Levels: The Safety Net Below |Silver Price Today
If silver loses traction and slips below $35.46, analysts will be watching the $34.87 to $34.59 support band, which represents the top of the long-term base structure that silver broke out of just last week.
This zone is fortified by the 20-day moving average, which currently sits around $34.64. This convergence of horizontal support and a moving average line provides a layered defense zone for bulls seeking re-entry on a dip.
📌 Support Zones to Watch:
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$35.46 – Immediate swing support
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$34.87 to $34.59 – Major structural support (top of previous base)
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$34.64 – 20-day moving average support
Upside Targets: $38.61 Is Within Striking Distance |Silver Price Today
Should silver break convincingly above Friday’s high of $36.64, it will signal a renewed breakout attempt. A subsequent rally above the recent high at $36.89 would pave the way for the market to target the ABCD projection of $37.05 and eventually aim for the $38.46 to $38.61 zone.
Why does this level matter? Because the $38.61 zone is a technical confluence point, overlapping multiple Fibonacci retracement and extension levels, as well as past price congestion zones. Reaching this level would not only confirm the bull flag breakout but also suggest that silver’s medium-term trend is entering a new phase of strength.
Short-Term Risk, Long-Term Optimism
While near-term charts favor the bulls, traders should remain aware of potential risks. Silver’s recent breakout above a multi-week base is a strong signal of long-term bullish sentiment, but such breakouts are often followed by a healthy pullback or retest of the base level.
Such a move would not necessarily be bearish—it could represent a strategic opportunity for disciplined traders looking to enter on strength after a retracement. Pullbacks to the $34.59–$34.87 zone would thus be considered normal, and possibly beneficial for sustained upside momentum.
💡 Breakout Confirmation:
Last week’s weekly close above $34.87 is particularly important—it represents the first successful close above the base resistance and is being seen as a confirmation of a structural breakout.
Key Silver Price Levels to Monitor:
| Level | Significance |
|---|---|
| $34.59 – $34.87 | Major support zone / Base top |
| $35.46 | Short-term swing support |
| $36.64 | Breakout confirmation threshold |
| $36.89 | Current trend high |
| $37.05 | ABCD pattern completion target |
| $38.46 – $38.61 | Multi-resistance bullish breakout target |
Analyst Insight: What Traders Should Watch
“Silver’s setup is a classic example of a breakout-followed-by-consolidation, which is exactly what you want to see in a healthy uptrend. Whether this consolidation resolves upward now, or after a mild dip, the structure favors further upside,” says Bruce Powers, Senior Technical Analyst at CreditSamadhaan.com.
With a clear roadmap now forming, silver traders would be wise to watch for a breakout above $36.89 as the signal that the market is primed to charge higher.
Risk Disclaimer:
Trading silver (XAGUSD) and other commodities involves substantial risk and may not be suitable for all investors. Price volatility, leverage, and geopolitical shifts can amplify both gains and losses. Always employ robust risk management, and consult with a qualified financial advisor before making any trading decisions.
Stay Informed. Stay Ahead.
For daily silver forecasts, commodity insights, and forex strategies, stay connected with CreditSamadhaan.com—your reliable source for market intelligence and strategic financial commentary.
