Silver rebounded from $58.73 to $61.11, and an Investing.com analysis sees $62.72 as the key hurdle on the way to $64.40. The analysis says a decisive break below the Daily Buy 2 level at $58.63 would weaken the recovery.
Silver's rebound from $58.73 to $61.11 suggests buyers defended discounted prices after the recent correction. The analysis says sustained strength still requires confirmation through overhead resistance.
Silver faces a cluster of resistance near $62.72
The daily VC PMI mean is $60.63, while the weekly mean stands at $60.73. Holding above that area favors a test of Daily Sell 1 at $61.87, then Daily Sell 2 at $62.67.
Weekly Sell 1 at $62.72 forms a particularly important resistance cluster. Acceptance above it would strengthen the case for an advance toward Weekly Sell 2 at $64.40.
Support levels if the rebound fades
On corrections, Daily Buy 1 at $59.84 is the first discounted reference, followed by Weekly Buy 1 at $59.05 and Daily Buy 2 at $58.63. The recent $58.73 low sits close to Daily Buy 2.
A decisive break below Daily Buy 2 would weaken the recovery and expose Weekly Buy 2 at $57.06. Crossing the mean alone does not establish a confirmed reversal entry.
Silver Institute sees a sixth annual deficit
On fundamentals, the Silver Institute forecasts a sixth consecutive annual market deficit in 2026, with its April outlook estimating a 46.3-million-ounce shortfall. However, weaker industrial consumption and reduced silver usage in solar manufacturing temper the bullish supply argument.
Source: Investing.com
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