[International Metal Market] Silver prices hit an all-time high and are now in a correction phase... Whether to defend the $60 level will determine the future direction

Touching $61 and entering technical correction… “The $59~$60 range is a key buying point”

Successful breakout of resistance at $58.85 confirms a medium- to long-term upward trend… Despite short-term overheating, buying sentiment remains dominant

Corrections below $60 are ‘opportunities’… The buy strategy remains valid until the $59 breakdown

International silver spot(XAG/USD) has entered a correction phase after a rapid rise in recent days. After the Asian market opened on Wednesday, silver prices have been fluctuating within a thin range around $61. Technical fatigue is appearing due to the sharp short-term rise, but experts are stating that “the upward structure is still maintained.” This is because a bullish technical structure with a much thicker support zone than resistance has been formed.

The importance of breaking the monthly resistance… “Entering a new upward wave”

The biggest achievement of this rally is the clear breakout of the monthly resistance zone at $58.80~$58.85, which had previously prevented silver prices from rising. This price level had served as an important resistance zone multiple times over the past month. Breaking through this level indicates that the current upward trend has shifted from a simple technical rebound to a new upward wave heading toward a new high.

However, caution is advised. The RSI indicators on the 4-hour and daily charts are in overbought territory, making aggressive chasing buys at the current level risky. Nonetheless, market participants interpret this not as a trend reversal signal but as a natural correction phase after a sharp rise. Since this rally, which started in mid-October from the low in the mid-$45s, has progressed at a rapid pace, occasional breathing adjustments are seen as strengthening the health of the upward trend.

Technical support analysis… $59~$60 is the key trading zone

Currently, traders are focused on “at what level they will re-enter.” In the short term, the $60.30~$60.20 range is serving as the first support. If this zone breaks, the psychologically important $60.00 level is expected to become a key buy zone. Most investors currently see a correction below $60 as a ‘healthy pullback’ and are planning to buy in parts. In particular, a decline to the $59 range is viewed as a correction within the scope that does not damage the medium-term trend.

Even in the worst-case scenario, the $58.80~$58.85 range is likely to act as a strong support base. This zone has transitioned from ‘resistance’ to ‘support’, serving as a key pivot line and the last line of defense to prove the health of the medium-term trend.

Future scenarios… ‘Second rally’ signal if $61 is stabilized

The bullish scenario is clear. If silver prices stabilize above $61, the market will interpret this as a ‘second upward phase entry’ signal and seek to form new highs. In conclusion, until the $58.80 level is broken downward, the basic strategy for the silver market remains the same: ‘Buy the dip’.