Technical Analysis: Silver knocks on the top of range
From a technical perspective, XAG/USD pulls back after almost reaching the top of a range that stretches between $19.00 and $26.00. This range itself lies within a broader range between $17.50 and $30.00.
A decisive break above $25.85 would probably indicate a breakout to the upside, substantially increasing bullish enthusiasm.
Silver might then rally to around $29.50, if using the 0.618 Fibonacci ratio of the range, or to just shy of $32.00 if extrapolating the full height of the range higher.
If the latter, then it will mean the pair has also broken out of the top of the broader range, indicating even greater upside, potentially to a target at $37.50
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