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Silver prices (XAG/USD) experienced a minor setback on Tuesday, edging lower to trade around $63.96 per ounce, down roughly 2.77% on the day. The precious metal remains confined within a narrow range that has defined its price action over the past week, indicating that the recent bullish momentum is beginning to fade as buyers take a breather. From a market perspective, this consolidation reflects a cooling-off period following the metal's recent strong rally. Traders are currently waiting for fresh catalysts to determine whether Silver can break above its recent range or if a deeper downside correction is needed to attract new buying interest. Moving forward, technical levels will play a critical role in guiding short-term movements. Market participants should monitor the lower bound of the current trading range for potential support, while a breakout on either side could signal the next major directional move for precious metals.
