Usman Salis
⬤ Silver is going nowhere fast right now. After getting knocked down hard, the precious metal bounced back but can't seem to break free from yesterday's range. We're looking at a classic inside bar - basically the market taking a breather and trying to figure out what comes next. Price action is stuck without any clear momentum in either direction.
⬤ From a technical standpoint, silver's biggest problem is those moving averages sitting overhead like a ceiling. Both the 21-day and 50-day exponential moving averages are acting as resistance, keeping any rally attempts in check. There's no major support level being tested right now, and silver hasn't managed to punch through the consolidation zone that's been holding it down. A similar setup was covered in Silver price consolidates below bear flag resistance, showing this pattern isn't new.
⬤ What's interesting is how balanced things are. Bulls don't want to jump in without seeing silver take back those moving averages first. Bears aren't aggressive either - they're hanging back, waiting for a confirmed breakdown. This creates a standoff where nobody wants to make the first move, which explains why volatility has dried up. We saw something similar recently when silver got stuck at $31 with fading momentum below resistance levels.
⬤ Silver's at a crossroads. A clean break above those moving averages would flip the short-term outlook bullish and bring buyers back into the game. A breakdown from this range would likely trigger another leg lower. Until one of those scenarios plays out, expect more sideways choppy action as the market waits for someone to blink first.
Usman Salis
