Although silver prices have recently tested their lowest levels again, a decisive breakout above resistance to confirm a sustainable uptrend has yet to take place. After a period marked by heightened volatility, price action has narrowed, with buyers protecting the lower trendline while short-term selling pressure persists near the upper band.
Triangle pattern building around 70 dollars
Intraday charts show silver trading within a symmetrical triangle formation. This consolidation, developing beneath a descending resistance line, is marked by higher lows near 69.50 and 70.50 dollars. Price oscillation within this range signals that the market is still undecided about its next direction.
If the price breaks above the upper trendline, the recent high at 71 dollars could become relevant again; above that, the key resistance highlighted in the four-hour chart stands at 73.09 dollars.
The analysis notes that an upward breakout may reinforce a short-term recovery, while losing the lower trendline could weaken the outlook. In this scenario, the price may gravitate back toward the upper edge of the 60 dollar zone, raising the odds of testing lower levels.
Resistance zones intensify between 73 and 79 dollars
A chart shared by the Economic Office highlights 73.09 dollars as the first major support and reaction area. From the current reaction point near 69.82 dollars, a move towards this zone is considered one of the main scenarios to watch before the next significant move.
| Level | Role |
|---|---|
| 69.82 dollars | Immediate support zone |
| 73.09 dollars | First significant resistance |
| 78.82 dollars | Area acting as support and resistance in the past |
| 83.05 dollars | Major resistance level |
| 62 dollars | Target area in a bearish scenario |
Following the 73.09 dollar mark, resistance around 78.82 dollars emerges as the next hurdle. Since this range has historically acted as both support and resistance, analysts expect selling pressure could intensify on any rebound. The 83.05 dollar level is also flagged as a strong resistance, but for now, the zone between 73 and 79 dollars must be surpassed before challenging higher ground.
In the four-hour timeframe, highs remaining below the May peak suggest that a broader corrective structure is still in play; if momentum fades after a weak upwards reaction, the 62 dollar level could become a focus once again.
Momentum signals send mixed messages
On the daily chart, silver is positioned below two key moving averages and is trading around 74.20 dollars. This area also coincides with a major volume zone and thus serves as significant technical resistance.
Recent candlestick formations provide no clear signal about direction. After a strong bullish candle near the support, the appearance of a shooting star, doji, and a series of small bearish candles suggest buying interest faded after the initial rebound. In technical analysis, a doji indicates indecision with open and close prices almost matching, while a shooting star signals that selling pressure is mounting after a failed push upward.
Glossary: A doji is a type of candlestick pattern that suggests uncertainty in the market, where opening and closing prices are nearly the same. A shooting star appears when prices rise during the session but retreat before closing, highlighting intensified selling at resistance.
The RSI indicator sits at 41, remaining below the neutral threshold of 50, while MACD holds below its zero line. These readings point to sellers keeping the upper hand over broader timeframes.
Currently, silver is trading between the support at 69 dollars and resistance at 73.09 dollars. The direction in which the triangle pattern on the intraday chart breaks will determine whether the price aims for the high-volume 74 dollar region or slides back toward the June support near 62 dollars.
