Silver Breaks Out Above Week-Long Triangle Near $58.60

Silver (XAG/USD) broke through the resistance line of a week-long triangle pattern, marking a clear technical shift as the metal continued climbing higher. The formation had been tightening for days, and Friday’s move sent the price decisively above the converging trendlines. XAG/USD is now trading around $58.60 following the breakout.

The chart shows a powerful rally earlier this week, followed by a narrowing consolidation marked by higher lows and lower highs. This triangle squeezed volatility into the final sessions before Friday’s upward push. The breakout candle pierced the descending resistance line, confirming the end of compression and the start of renewed directional movement. The steady climb that led into this formation makes the break above resistance particularly meaningful from a technical standpoint.

“The pattern had been compressing for several sessions, and today’s move pushed the price clearly above the converging trendlines.”

The rally developed after silver’s gradual rise from under $55.00 toward the upper $58.00 zone. The 30-minute timeframe reveals a measured pullback and re-accumulation phase before buyers stepped back in. Holding above the broken trendline will be critical going forward. Traders are now watching to see if follow-through buying continues or if the price pulls back to retest the breakout zone in upcoming sessions.

This matters for the broader metals market because silver’s breakout reinforces the momentum that’s been building all week. A sustained hold above the triangle’s upper boundary could fuel additional bullish sentiment across precious metals, while any failure to maintain the break would refocus attention on the consolidation area and increase the chance of renewed swings.

My Take:

Silver’s breakout from a tight week-long triangle is textbook technical action. The compression released upward, and now all eyes are on whether buyers can defend this level or if we see a quick retest of support.

Source: Rashad Hajiyev