Alex Dudov
⬤ Silver is locked inside a short-term descending channel on the hourly chart, with a selling wave that kicked off near $89 pushing the price down toward the $83.5-$84 support band. The metal is attempting to stabilize around this zone while hovering near the Volume Profile Point of Control at $84.40 — a level that reflects significant liquidity and past trading activity.
⬤ Technicals remain tilted bearish. Silver trades below its major moving averages, the RSI sits near 36, and Bollinger Bands show the price near the lower band — both pointing to sustained selling pressure with limited upward momentum. Parabolic SAR dots above the price confirm the downtrend is still intact. Similar signals were flagged in Silver Falls Toward $81 Support as Bearish Pressure Grows at 33.2 RSI, where persistent selling across indicators was also noted.
⬤ Volume data backs the bearish reading. The recent decline came on moderate volume — steady selling rather than panic — with the volume delta tilting net negative throughout. Support levels to watch include $83.39, $82.85, $82.60, and $81.52, while resistance stacks up near $84.95, $85.23, $86.02, and $87.18. A similar price structure was analyzed in Silver Struggles Near $77.90 Support as Bears Keep Control Below $81.40 Resistance, where stabilization attempts also failed under technical pressure.
⬤ On the macro side, a strong U.S. dollar and elevated Treasury yields are weighing on silver's appeal as a non-yielding asset. Yet geopolitical risk and macro uncertainty keep providing a floor for precious metals. As shown in Silver Breaks Higher With a 7.7% Rally Above Key Resistance, the metal can shift direction quickly when fundamentals and technicals align. Whether silver holds the current support zone or extends the drop inside the channel likely depends on how these opposing forces develop in the near term.
Alex Dudov
