Saad Ullah
⬤ Silver is sitting at a make-or-break technical level after pulling back from recent highs. The metal's hanging around the mid-70 dollar region, and there's a support box on the chart that's acting as the line in the sand right now. What happens here could set up the next big move.
⬤ If things go the bullish way, Silver bounces off this zone and puts in a higher low. That would mean the recent drop was just a breather—a Wave 2 retracement in Elliott Wave terms—and the bigger uptrend stays alive. Right now, price action looks more like consolidation than a breakdown, which keeps the bulls in the game.
⬤ But if that support cracks, we're looking at a different story. A breakdown would complete what looks like a bear flag structure and could send Silver tumbling toward the low-40s, where there's another demand zone waiting. This kind of weakness has been flagged before in silver stalls at resistance.
⬤ "Reactions at corrective zones often determine whether markets resume trend behavior or transition into deeper corrections," according to the analysis. That's exactly what's playing out now—Silver's response at this support level will likely define where the metal heads next.
⬤ This setup matters because it's not just about short-term noise. How Silver behaves here could shape the entire next phase of the metal market. Traders are watching to see if this zone holds and sparks another leg higher, or if it gives way and opens the door to a much deeper pullback. Either way, the action at this technical junction is worth paying attention to.
Saad Ullah
