Silver Prices Retreat Towards $82.00 Amid Technical Correction After Weekly High

Silver prices (XAG/USD) experienced a downward correction during Thursday's Asian session, drifting toward the $82.00 support zone. This move effectively reversed a significant portion of the gains recorded in the previous session, where the metal hit a weekly high of $86.30. Market analysts attribute this decline to profit-taking and technical resistance encountered at higher price levels. Currently, the 38.2% Fibonacci retracement level is being monitored as a crucial technical pivot for the next directional move. While short-term momentum has shifted to the downside, the price action is largely viewed as a technical correction within a broader market trend. Traders are closely watching the $82.00 level to determine if the support will hold or if further losses are imminent.