Peter Smith
⬤ Silver prices are hanging tight near recent highs after pushing past the $85 resistance zone and actually holding it when price dipped back down. The rally's been building for months now, with price grinding higher from below $50 before settling into this consolidation phase in the mid-$80s. The fact that it's holding above former resistance? That's the kind of price action that matters.
⬤ The chart tells the story pretty clearly – silver climbed steadily from under $50, making higher highs and higher lows along the way until hitting that $85 area. There was a sloping resistance line keeping a lid on things for a while, but once that broke, silver pulled back to test it and then bounced right back up. That's textbook stuff – old resistance becomes new support.
⬤ What we're seeing now looks more like healthy consolidation than any serious selling pressure. The pullback after the breakout was shallow, and price recovered quickly, showing there's still solid demand up here. When dips keep getting bought rather than accelerating lower, it tells you the market's comfortable with these prices.
⬤ This matters beyond just the silver chart itself. Silver tends to move with bigger macro shifts – industrial demand, currency moves, that sort of thing. When it holds above former resistance like this, it helps keep the trend intact and builds confidence that higher prices can stick. Of course, if silver fails to hold this $85 zone, that changes everything. But right now, the structure looks solid and the recent advance is holding up.
Peter Smith
