Peter Smith
⬤ Silver prices have steadied after filling a recent gap and are now showing signs of recovery. Trading near the $93 mark, the metal has formed a wedge-type pattern following its rebound. The gap that appeared earlier has been completely filled, and prices are now bouncing higher while maintaining support above the 10-day exponential moving average.
⬤ The recent price action tells an interesting story. Silver pushed higher aggressively before entering its current consolidation phase. After dipping to fill the gap, it shifted into a tighter trading range with higher lows and capped gains creating converging trendlines. This wedge structure shows the market is taking a breather and digesting recent moves. What's encouraging is that daily candles keep closing above that rising 10 EMA, which has been working as dynamic support.
⬤ The 10 EMA is the level everyone's watching right now. As long as silver stays above this moving average, the short-term outlook stays positive. The wedge shows indecision more than weakness—neither buyers nor sellers have taken full control yet. Traders are keeping a close eye on how price behaves near the top of the wedge to see if momentum can pick back up or if we'll see more sideways action.
⬤ This matters because silver is consolidating after a strong rally, not breaking down. Holding above the 10 EMA suggests the uptrend structure is still intact while the metal works through short-term resistance. The tightening price range hints at a breakout coming soon. For now, silver's ability to maintain this technical support keeps things looking solid and shows a market that's pausing, not failing.
Peter Smith
