Silver price has risen up and touched the top of a huge four-year consolidation at just shy of $30.00.
XAG/USD has since pulled back and the RSI is flashing overbought on the weekly chart.
There is a risk of a deeper correction, although a clear break above the consolidation would confirm more upside.
Silver (XAG/USD) has broken out of the narrow range it was trapped in since the start of 2023, which ran from between roughly $21.00 and $26.00, and risen up to the top of a larger consolidation.
The precious metal has rallied rapidly over the last two weeks and reached the next key resistance level at the 2020 highs of $29.86. This is also the ceiling of a massive consolidation zone Silver price has been trading up and down in since 2020
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