Silver rose 0.70% in intraday trading to around $59.16 per ounce, recovering from a drop toward $58.60. The metal opened near $59.20, climbed as high as $59.55, then turned lower as selling pressure returned. Buyers stepped back in near the day’s low and pushed price back above the $59 mark, but the rebound is still running into resistance overhead.
$58.55-$58.65 support band stays in focus
The near-term technical picture centers on the $58.55 to $58.65 area. This range is being watched as the main support zone for short-term stability. If silver falls and stays below that band, the next level in view is $58, while a broader downside move could expose $56.50. The intraday low at $58.60 also stands out because buying interest reappeared there.
On the upside, the market still needs to clear $59.40 to $59.60. That range is acting as nearby resistance, and a move through it could open the way for another test of $60. For now, price has rebounded, but it has not yet forced a break above that ceiling. That keeps the recovery tentative.
30-minute chart shows steady inflows but softer momentum
On the 30-minute chart, silver appears to have stabilized after this week’s retreat from above $65. Following a bounce from the June 25 low, the price moved back into the $59 area and traded sideways around $59.13. The Chaikin Money Flow reading stands at 0.19, pointing to continued capital inflows over the observed period.
MACD tells a more restrained story. The MACD line was near 0.02, with the histogram around 0.03 and slightly below the signal line. That setup suggests bullish momentum may be fading rather than strengthening. Buyers have not left the market, but the rebound no longer looks as forceful as it did off the low. A fresh move toward $60 would likely require the MACD line to cross back above the signal line.
Broader corrective structure is still a live risk
Elliott Wave analysis in the source material points to the possibility that a larger correction is still unfolding. Silver recently bounced from $58.46, a level identified as the 78.6% retracement, making it a key support point in the current setup. If the recovery extends, the projected upside targets are $63.71, $66.47, and $69.34.
The same analysis also leaves room for a deeper setback. If the current rebound fails and the broader correction resumes, silver could face downside risk toward $50.98. In the near term, the market is focused on the $58.46 to $60 zone. Holding above support keeps the recovery intact. A break below $58.50 could intensify selling pressure, while buyers would need to reclaim $59.60 and then $60 to restore upward traction.