Silver is still trading close to $70, with intraday charts showing a symmetrical triangle taking shape beneath a descending resistance line. Higher lows around $69.50 and $70.50 point to compression rather than commitment, and price action remains stuck in a narrowing band without a confirmed direction.
$71 and $73.09 stand out if the upper trendline breaks
If silver clears the top of the triangle, the recent $71 area could come back into play first. After that, the next level highlighted on the four-hour chart is $73.09. The analysis says an upside break would support a short-term recovery. A move through the lower trendline would carry a different message, opening the door to a weaker outlook and a return toward the upper end of the $60 range, with room for lower prices if selling pressure builds.
The charted levels place $69.82 as nearby support and $73.09 as the first key resistance. Above that, $78.82 is a notable reaction zone because it has previously acted as both support and resistance. The chart also marks $83.05 as a stronger resistance level, but silver would need to push through the $73 to $79 band before that area becomes relevant.
$78.82 may attract selling again, while $62 remains the bearish target area
One of the main scenarios being tracked is a rebound from around $69.82 toward $73.09. Even so, the analysis warns that any rally into $78.82 could run into renewed selling pressure because of that zone’s history on the chart. Four-hour highs are still below the May peak. That keeps the broader corrective structure intact.
If a bounce loses strength and momentum fades again, $62 could return as the market’s main downside reference point. The report identifies that level as the target area in a bearish scenario.
Daily chart signals stay soft with RSI at 41
On the daily timeframe, silver is trading below two major moving averages and is hovering near $74.20. That price area overlaps with a prominent volume node, making it an important technical barrier for any upside attempt. Recent candlestick signals have also lacked conviction: after a bullish candle formed at support, a shooting star, a doji, and small bearish candles followed, suggesting the initial buying interest weakened quickly.
Momentum readings still lean negative. RSI stands at 41, below the neutral 50 threshold, while the MACD signal remains under the zero line. For now, silver continues to trade between support near $69 and resistance at $73.09. The next decisive move depends on whether the intraday triangle breaks higher toward the $74 region with stronger volume, or lower toward the June support zone near $62.