Silver is fighting to reclaim $69 after experiencing a near 3% bounce from recent lows, according to market reports. The precious metal climbed to around $66.7 on Monday, representing a 2.8% daily gain that followed the easing of Middle East tensions. However, silver remains 45% below its January record high of $121.76, indicating the correction has significantly widened from previous levels. Latest intraday trading shows silver breaching the main bearish trend line on the short-term basis under the dominance of a bullish corrective move, with the metal attempting to build additional positive momentum that could help extend gains in the near term.
The $68.88 level has emerged as the critical make-or-break point for silver's next major move, as reported by market analysts. On the four-hour chart, silver has slipped below the 0.618 Fibonacci retracement at this level and is currently fighting to regain it. Independent analyst Kamile Uray has identified $63 as the key support level that has held so far, while a break above $71 would open the door toward the $77 to $89 resistance zone. A close back above this band would suggest the rebound has more room to continue. Recent technical analysis shows silver recorded strong gains during recent intraday trading, reaching the resistance of its EMA50 as it attempts to recover previous losses, supported by improving technical indicators.
The rebound in silver tracks the easing of Middle East tensions following a days-old US-Iran ceasefire that has helped drain safe-haven demand that had previously powered metals higher, according to market reports. However, a stronger dollar and a cautious Federal Reserve continue to keep pressure on precious metals, leaving silver caught between recovery and a deeper slide. The Relative Strength Index (RSI) has ticked up near 40 but remains below the neutral 50 mark, reflecting the current technical position. Latest intraday trading shows silver traded within tight sideways range in recent levels, attempting to gain bullish momentum that might help it recover and rise again.
The daily chart shows silver in a clear downtrend since January, having printed successive lower highs near $96 and $89 with matching lower lows, as reported by market analysts. The price now sits approximately 45% below its record high, a sign that the correction has significantly widened from previous levels. A weekly close above the $68.88 retracement level would signal a potential turn in the trend, while a rejection would keep the bearish structure intact and point toward $55, the 0.786 level that aligns with long-term support. Recent technical analysis indicates silver continued to decline during recent intraday trading, breaking below the $66.00 support level, which reflects the ongoing strength of selling pressure and supports the bearish outlook.
