New Leg Up Possible, Yet I Expect Another Decline Toward 491. What Happened Since Yesterday
In yesterday’s analysis, I highlighted the possibility of a rebound from the confluence support and mentioned that Silver could rise toward the 50.50 resistance.
Not only did Silver reach that target — it broke above it, and the price is now trading above 51.00.
The bullish momentum was stronger than expected, confirming buyers stepped in aggressively from support.
2. Current Market Context
With price holding above 51, the short-term chart structure is slightly bullish, and a new leg up is possible in the immediate term.
However, despite this strength, I believe the overall correction is not yet complete. Silver has a habit of producing sharp counter-trend moves before continuing the broader direction.
3. Technical Outlook
Key levels to monitor:
Resistance:
- 52.00 – major short-term barrier; ideal area to search for shorts
- 50.50 – intraday resistance turned support
Support / Downside target:
- 49.00 – the next major support and my preferred downside target
Until Silver breaks and holds above 52, upside continuation remains limited in my view.
4. Trading Plan
My plan is straightforward:
If price reaches the 52 zone, I will look for short entries.
Downside target is 49.
I will reassess the bias only if Silver starts to stabilize well above 52, which would shift the structure back to bullish.
5. Conclusion
Silver exceeded expectations on the rebound, but the larger corrective structure appears intact.
Short-term upside is possible, yet I still expect another leg down, with 49 as the main target.
