Saad Ullah
Silver has taken a hard hit, sliding from the $76-77 range all the way down to the $71 zone before showing the first tentative signs of stabilization. The move was swift and decisive, but price action near $71.8 suggests buyers are starting to test the waters again. Whether this is a genuine base or a brief pause in a larger decline is the key question now.
$71-72 Zone Is the Line in the Sand for Silver Bulls
The broader picture remains bearish. Silver is trading well below a descending trendline that has capped every rally attempt in recent weeks. The most recent leg lower accelerated after a minor upward channel broke down, sending price into a sharp continuation move. One notable detail on the chart: a long lower wick below $70, pointing to a brief liquidity sweep before buyers stepped back in. As DeepValue Signals noted, these outer wicks are typical in volatile markets and do not invalidate the broader structure.
The support zone between $71 and $72 has held so far, which aligns with earlier expectations of a bottoming attempt forming on the 2H-4H timeframes. This level has been flagged as a critical structural threshold in recent market commentary, and its defense is what keeps any recovery scenario alive.
Recovery Toward $78 Possible If Support Holds Into Weekend
Should Silver manage to maintain the $71-72 floor, a recovery toward $75-76.5 is the first realistic target. Beyond that, the $78 level stands out as a larger squeeze zone, where a sustained rebound could attract more significant upside momentum. That said, a clean break below $71 would shift the outlook sharply lower, consistent with how support breakdowns have played out in similar setups, often triggering extended declines with little intermediate structure to slow the move.
For now, Silver sits at a decision point. The structure still holds, but only just. Price needs to build some stability here before any recovery case gets meaningful traction. Traders watching Elliott Wave patterns targeting $150 long-term will be closely monitoring whether this support holds into the next session.
Saad Ullah
