Silver is consolidating near $60.42 on the 5-hour chart, caught between support at $58.73 and resistance around $62.45. Investing.com's analysis says the next sharp move will likely depend on which level breaks first.
Silver is consolidating near $60.42 on the 5-hour chart after a steady downtrend. The metal sits between support at $58.73 and resistance around $62.45, with a bearish flag pattern still looming.
Bears keep the upper hand
The broader downtrend remains unbroken, with price stuck beneath the 200-period moving average. A recent doji candle at $60.42 shows ongoing indecision, but declining volume hints that momentum could soon return.
Bulls, however, are showing some signs of life. Bearish momentum is weakening, with MACD at -0.0995 above its signal line at -0.187, and RSI is recovering from oversold territory. Even so, price stays below both the medium- and long-term moving averages, so upside attempts face heavy resistance.
Key levels to watch
A 5-hour close under $58.73 would confirm bear dominance and could trigger a sharp sell-off. On the upside, the $61.66–$62.45 zone, marked by Fibonacci and SuperTrend levels, is the main wall.
Price action between $59.50 and $61.66 is choppy, and the analysis calls it a wait-and-see range. The classic bear flag stays active unless $62.45 gets toppled, according to the source.
The 50% Fibonacci level at $64.94 aligns with major moving-average resistance, so a breakout there would be significant. Volume is declining as price coils, and the analysis expects volatility to surge when a breakout arrives.
Source: Investing.com
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