Peter Smith
⬤ Silver posted a 3% gain on Friday, but don't mistake that for a trend reversal. What we're seeing is simple consolidation after a sharp decline. The price is stabilizing, sure, but it's still trapped beneath major resistance zones—classic sideways action inside a correction range rather than any real bullish momentum.
⬤ The setup here is what traders call bearish consolidation, which basically means the odds tilt toward more downside. First line of defense sits at $71.81, with deeper safety nets around $64 and $54. These aren't random numbers—they match up with spots on the chart where buyers showed up before. On the flip side, there's resistance hanging around $88, but the big boss level remains $100.
⬤ Right now, silver's sitting in equilibrium—no clear direction, just waiting. A drop below support confirms the correction keeps rolling, while a clean break above resistance would flip the bearish script entirely. How price reacts around these levels will decide whether we're heading lower or finally breaking out.
⬤ The structure favors range-bound trading for now. Bulls need a decisive move above resistance to shift momentum, while bears are watching for breakdowns to confirm continuation. Either way, the next leg depends entirely on whether $100 holds as a ceiling or $71.81 gives way as a floor.
Peter Smith
