Nevertheless, any upswing in silver would initially represent a notable counter-trend rally toward prior dynamic support indicators, including an uptrend line and the 200-day moving average.
Together, these present the upper boundary of an initial target range if bullish signals are triggered.
However, the first potential upside dynamic resistance zone is marked by the falling 50-day moving average, currently at $67.44.
Even so, the confluence of resistance levels outlined above could limit the strength of any rebound before the broader downtrend reasserts itself.
If the support range is broken, the 78.6% Fibonacci retracement at $48.29 would become the next downside target.
Nevertheless, any upswing in silver would initially represent a notable counter-trend rally toward prior dynamic support indicators, including an uptrend line and the 200-day moving average. Together, these present the upper boundary of an initial target range if bullish signals are triggered. The 200-day moving average is now near $70.47. However, the first potential upside dynamic resistance zone is marked by the falling 50-day moving average, currently at $67.44.
Bearish Risks Remain Below Support
On the downside, a decisive decline below $54.78 would signal a continuation of the bearish trend. Even so, the confluence of resistance levels outlined above could limit the strength of any rebound before the broader downtrend reasserts itself. If the support range is broken, the 78.6% Fibonacci retracement at $48.29 would become the next downside target. Whether Monday’s bullish reversal develops into a more meaningful recovery or simply another counter-trend bounce will likely depend on how price reacts around the wedge breakout levels noted above.
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