Silver has staged a notable rebound after breaking above the short-term descending trendline, signaling that selling pressure is no longer fully in control. However, the current upside momentum remains cautious, as price is consolidating within a corrective structure, reflecting market hesitation following the previous period of heightened volatility.
Key fundamental factors:
Recent U.S. labor data have shown signs of cooling, keeping expectations alive that the Federal Reserve may maintain a more dovish stance in the period ahead. This backdrop is generally supportive for precious metals. That said, the U.S. dollar continues to hold relative strength as global capital flows favor cash and safe-haven assets, limiting the upside potential of Silver’s recovery.
As a result, the current bullish attempt remains vulnerable, with the market still requiring further confirmation from incoming data and capital flows.
Technical outlook:
Near-term support: 80.5 – 79.8
Resistance levels: 84.5 – 85.0, with a higher zone around 91.5
I expect that before attempting to challenge the upper resistance zones, Silver may revisit the 80–81 support area to test buying interest. If this zone holds, price could extend its recovery toward 85 and potentially higher. Conversely, a break below support would likely return the market to a sideways consolidation phase.
Kind regards, Louise !
Key fundamental factors:
Recent U.S. labor data have shown signs of cooling, keeping expectations alive that the Federal Reserve may maintain a more dovish stance in the period ahead. This backdrop is generally supportive for precious metals. That said, the U.S. dollar continues to hold relative strength as global capital flows favor cash and safe-haven assets, limiting the upside potential of Silver’s recovery.
As a result, the current bullish attempt remains vulnerable, with the market still requiring further confirmation from incoming data and capital flows.
Technical outlook:
Near-term support: 80.5 – 79.8
Resistance levels: 84.5 – 85.0, with a higher zone around 91.5
I expect that before attempting to challenge the upper resistance zones, Silver may revisit the 80–81 support area to test buying interest. If this zone holds, price could extend its recovery toward 85 and potentially higher. Conversely, a break below support would likely return the market to a sideways consolidation phase.
Kind regards, Louise !
Note
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Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.