Silver forms potential double bottom after historic drop – key levels to watch

After an historic rally that pushed silver (XAG/USD) to unprecedented heights, the precious metal experienced a sharp correction today, shedding significant gains in one of the most volatile sessions on record. Price has now stabilised and is forming an intraday range, with the $72-$75 region acting as support. For traders navigating this extraordinary market, understanding the key technical levels has never been more important.

Silver levels to watch

Silver is currently trading within a clearly defined daily range. Resistance sits at the range highs around $90, while support has established itself between $72 and $75.

What’s particularly interesting from a technical perspective is the potential double bottom formation developing on the 1-hour chart. The range equilibrium – the midpoint of this range around $82 – is acting as the neckline for this W pattern.

Using the principle of measured moves, we can project the distance from the pattern’s low to the neckline and extend it upward. This projection aligns neatly with the range high resistance area near $90, offering a potential upside target should the pattern confirm.

For intraday and active traders watching the silver market, get your alerts ready. We’re witnessing one of the most volatile periods in commodities market history, and these levels could define the next major move.