Silver futures have pulled back from an intraday high of 61.27, and analyst Patrick MontesDeOca argues the metal is nearing a cyclical turning window that could set up its next move higher. In his VC PMI framework, the trend stays neutral-to-bullish as long as price holds above 56.79.
Silver futures have slipped from an intraday high of 61.27 toward 57.70, and analyst Patrick MontesDeOca frames the decline as a healthy correction. Writing for Investing.com, he places the price between the daily Buy 1 level at 56.79 and a daily mean of 58.58 — an area he calls a decision point for short-term traders.
Support at 56.79 anchors the trend
According to his VC PMI model, silver stays in a neutral-to-bullish structure as long as it holds above 56.79. A close below that would open the door to a test of 55.54, where he puts the probability of mean reversion at roughly 95%.
The weekly picture, he adds, remains constructive. The weekly mean sits at 58.26 as an equilibrium price, with major support at 56.46. Defending that zone would keep the broader uptrend intact and could lead to advances toward 59.83 and then 61.51.
A cyclical window this week
MontesDeOca points to a short-term cyclical turning window between July 24 and July 28, noting that markets often finish corrective phases in such windows before resuming the dominant trend. If buying pressure returns while price stays above weekly support, he says the odds favor another attempt at the recent highs.
His Square of 9 work, drawn from a swing low near 55.00 and the 61.27 high, points to a harmonic support zone between 56.40 and 56.80 — a band that overlaps the daily Buy 1 level. A sustained close above 58.58 would confirm renewed upside, he writes, while a break above 61.51 would mark the start of the next expansion phase.
He also reads the MACD as cooling from overbought conditions, which he takes as fading selling pressure as price nears statistical support.
In his framework, that support line is what separates another leg higher from a deeper slide.
Source: Investing.com
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