Peter Smith
⬤ Silver's been moving sideways on the hourly chart since U.S. markets closed for the holiday. Trading volume stayed pretty light, and that earlier opening gap? It's probably not getting filled anytime soon. Price is sitting comfortably above short-term support instead of pulling back, which tells you sellers aren't really in the driver's seat right now.
⬤ Even with the quiet trading, the bigger picture still looks bullish. The metal's holding above its rising trendlines and staying on top of the Ichimoku cloud—classic signs that buyers are still in control. Nobody's rushing to sell, and silver's camping out in the upper part of its recent range rather than sliding into correction territory.
⬤ Here's what matters now: two pivot resistance levels are right ahead. How silver handles these zones will decide whether we get a quick run-up or more choppy sideways action. Break through cleanly, and momentum could carry price toward that big $100 number faster than expected. Get rejected, and we're probably looking at more consolidation before the next leg up.
⬤ Why this setup is worth watching—silver tends to get wild around major psychological levels. The way it reacts to these resistance areas will set the tone for short-term volatility across precious metals. Either we see acceleration on a breakout, or we get stuck in a holding pattern. Either way, silver's at a technical crossroads that could move markets soon.
Peter Smith
