Saad Ullah
⬤ Silver futures bounced back from a micro support zone and started climbing on the 30-minute chart. But here's the catch – the rally looks like a three-wave corrective move, not the powerful start of a new uptrend. That's keeping traders cautious despite the positive bounce.
⬤ The chart shows a thick wall of resistance ahead. The 61.8% Fibonacci level sits near $111.36, while stronger resistance clusters between $114.12 and $115.81. As long as silver stays below that $115.81 mark, we're probably looking at more sideways action rather than a breakout.
⬤ If the bounce fizzles out, silver could slide back to support zones at $104.47, $100.79, or even $97.24. These Fibonacci levels mark the areas where buyers might step back in. A break below the mid-range support would signal that something more serious is brewing on the downside.
⬤ The $115.81 level is the key to watch. Breaking above it would suggest silver's ready to start a stronger upward move. Until that happens, expect more choppy, range-bound trading with silver stuck in consolidation mode.
Saad Ullah
