Saad Ullah
Silver's playing hard to get right now, and traders are watching every move like hawks. After a decent run higher, the precious metal just hit a speed bump that's got everyone asking the big question: is this just a healthy pullback or the start of something uglier? With geopolitical tensions still simmering and inflation concerns bouncing around, silver's next move could set the tone for precious metals across the board.
Silver Takes a Hit But Support Holds (For Now)
Silver's having a rough day, dropping 1.13% to $36.69 after breaking below that key $37.49 resistance level. The metal is now sitting right at the midline of its long-term ascending channel, which has traders paying close attention.
But here's the thing – analyst isn't ready to call this a full breakdown just yet. "Don't believe it as a breakdown though until it confirms," he posted on X. Smart approach, considering silver's been pretty volatile lately.
The $32-33 Zone: Where the Real Action Might Be
While a bounce from current levels is still possible, the trader's got his eye on a much juicier entry point. "It would need to get to $32–33 for me to start a long position," he noted, marking that range as his preferred buying zone.
With RSI sitting at 43.20 (not quite oversold yet), there's definitely room for more downside if selling pressure continues. That $32-33 level could be where the smart money starts stepping in if silver keeps sliding.
Saad Ullah
