Silver has broken below its medium-term uptrend, slipping under the Ichimoku cloud and trading at $64.76, just above key support near $64.00. Bearish momentum is building on rising sell volume, though a defense zone near $62.32–$63.08 could trigger a bounce if it holds.
Silver has exited its medium-term uptrend, falling under the Ichimoku cloud — a classic warning that bearish forces are in control. The price now trades at $64.76, clinging to structural support just above $64.00.
The metal has decisively slipped below the Ichimoku cloud between $64.59 and $66.80. The MACD line, at -0.90, sits below its signal line of -0.51, while the SuperTrend indicator has flipped bearish at $67.94. Volume has increased during recent selloffs, adding conviction to the move, and a double top pattern at $71.16 is complete, a setup that favors further declines if $64.00 fails.
Critical long-term support sits at $62.32, marked by the 200-day moving average. That level converges with the 50% Fibonacci retracement near $63.08, making the $63.08–$62.32 zone the prime area for a bull defense. The RSI reads 36.63, closing in on oversold territory that could set up a relief bounce.
Bearish scenarios target entries at $64.50 on a breakdown or $65.50 on a retest, with a stop at $67.50 and a first target of $62.30, for a 1.6x risk-reward ratio. Bullish scenarios look for entries at $64.00 on a reversal or $66.80 on a cloud reclaim, with a stop at $62.20 and a target of $67.60, a 2.0x risk-reward ratio. According to Investing.com: "Bearish plays are favored below $65.50", though sharp reversals can materialize if the $63.08–$62.32 zone holds.
Source: Investing.com
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