XAGUSD maintains a clear bullish structure on the H4 timeframe, having rebounded strongly from the 58 level and consistently formed higher lows. The current decline from the 65 area appears to be a corrective move following the recent rally rather than a trend reversal signal.

The most notable zone is 60.60–61.16, where technical support and the Ichimoku Cloud converge. Should the price pull back to this level and buying pressure re-emerge, I anticipate XAGUSD could initiate a new upward leg—initially returning to the recent peak before testing the 65.92–66.00 range.

The macroeconomic backdrop also supports this scenario; recent weak US labor data has weighed on the USD and bond yields, creating a more favorable environment for precious metals. Therefore, rather than chasing the price at current levels, I prefer to wait for a pullback and a bullish reaction at the support zone.

The bullish scenario would be undermined if XAGUSD decisively breaks below the 60.60–61.16 zone and sustains its position beneath it.