Silver price action remains in a corrective phase after the recent rally lost momentum and retraced back toward the point of control within the current local trading range. The market recently printed bearish engulfing price action, signaling short-term weakness and confirming that buyers have temporarily lost control following the previous upside expansion. This corrective structure suggests that additional downside movement is still likely before a sustainable reversal can develop.
From a technical perspective, the key level to monitor is the major support region around $67. This area represents an important rotational support zone and is expected to act as a liquidity sweep region where price may search for demand before attempting another higher-timeframe recovery. A move into this support would align with the current corrective market structure and could provide the conditions necessary for a bullish reversal setup to emerge.
If buyers successfully defend the $67 region, the probability increases for a rotational bounce back toward higher resistance targets, with $116 remaining the broader upside objective within the existing range structure. However, until support is firmly reclaimed and momentum
improves, silver is likely to remain under corrective pressure. Overall, the market structure still favors short-term weakness followed by a potential reversal once critical support levels are properly tested and absorbed by buyers.
From a technical perspective, the key level to monitor is the major support region around $67. This area represents an important rotational support zone and is expected to act as a liquidity sweep region where price may search for demand before attempting another higher-timeframe recovery. A move into this support would align with the current corrective market structure and could provide the conditions necessary for a bullish reversal setup to emerge.
If buyers successfully defend the $67 region, the probability increases for a rotational bounce back toward higher resistance targets, with $116 remaining the broader upside objective within the existing range structure. However, until support is firmly reclaimed and momentum
improves, silver is likely to remain under corrective pressure. Overall, the market structure still favors short-term weakness followed by a potential reversal once critical support levels are properly tested and absorbed by buyers.
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Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
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Claim $1000 Deposit Bonus 🎁
Trade with perks & support the community!
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Stay sharp, trade smart.
— Team The Alchemist ⚔️
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.