Silver futures are consolidating near $59.89 after rebounding from a $56.705 low, with the $60–$62 band emerging as a critical resistance zone. Technical levels put $59.84 as the immediate pivot, while cycle analysis flags mid- and late-August as the next windows to watch.
Silver futures trade near $59.89. The metal is consolidating after a recovery from a $56.705 low.
It has moved back above the Daily VC PMI mean near $59.58. It is now testing the Weekly Sell 1 level at $59.84 — the immediate decision point for the next move.
VC PMI levels frame the range
The Daily VC PMI puts Sell 1 at $60.96 and Sell 2 at $61.68. The weekly gauge shows Sell 1 at $59.84 and Sell 2 at $61.88. Clearing $59.84 on a closing basis would add to the bullish case, opening a path toward $60.96 and then the resistance band between $61.68 and $61.88.
Downside markers sit lower: Daily Buy 1 at $58.86 and Daily Buy 2 at $57.48. The Weekly VC PMI mean stands at $58.35, with Weekly Buy 1 at $56.31 and Weekly Buy 2 at $54.82. Each level further out marks a stronger support zone than the one above it.
Cycle dates point to mid-August
A late-July/early-August cycle window preceded the August 4 bounce, a pattern that hints silver could be shifting out of its correction and into a fresh advance. Two more windows lie ahead: roughly August 12–14, then August 27–31, both flagged as periods to watch for a shift in direction or a jump in volatility. These dates only mark timing, though — they don't guarantee where a high or low actually forms.
Silver's climb from $56.705 to an intraday high of $60.285 points to buyers stepping back in. Even so, upward momentum is losing steam near resistance, which is why clearing $60.28 now carries added weight.
Square of 9 points to $60–$62 resistance
Square of 9 mapping flags the $60–$62 band as a major rotation point for resistance; because that geometry lines up with the VC PMI sell markers in the same area, the zone carries extra weight technically. Clearing $61.88 outright would point to silver breaking free of its recent mean-reversion band, opening room for another leg higher; failing there instead could send the metal back down toward $58.86–$58.35.
For now, the path stays tilted higher as long as silver sits above the $59.58 mean. However, losing $58.86 would undercut that structure and put $58.35 and then $57.48 back in play.
Source: Commodities Analysis & Opinion
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