Silver is consolidating near $61.71, wedged between the Daily Buy 1 zone at $61.92 and Daily Buy 2 support at $61.15. VC PMI models show a recovery above the $62.62 daily mean opening a path toward $63.04 and $63.74, while a break under $59.84 would expose weekly support near $58.35.
Silver futures are trading near $61.71, consolidating around a dense cluster of daily and weekly VC PMI levels. The metal is testing the Daily Buy 1 zone near $61.92, with the Daily Buy 2 area close behind at $61.15, making the $61-$62 region a short-term decision point.
Daily mean at $62.62 marks the pivot
A recovery above the Daily VC PMI mean of $62.62 would shift short-term momentum toward the Daily Sell 1 target at $63.04 and Daily Sell 2 at $63.74. Sustained trading below the mean, however, keeps silver in a defensive posture and leaves the weekly support structure exposed.
The chart's MACD is beginning to turn positive near the zero line, a signal that downside momentum may be stabilizing. Confirmation still requires price to reclaim the $62.67-$63.04 resistance zone.
Weekly support extends toward $54.82
The weekly structure offers a wider floor, with Weekly Sell 1 at $59.84 and the weekly VC PMI mean at $58.35. Below that, major support appears at Weekly Buy 1 $56.31 and Weekly Buy 2 $54.82.
Cycle window points to mid-August test
The current August 6-10 cycle window is being watched for signs of a reversal or an acceleration, with the next confirmation window expected around August 14-16. A cycle low forming while silver holds the $61.15-$59.84 support structure could open the way to a recovery toward $63.04 and $63.74.
A decisive break below $59.84, however, would weaken the bullish cycle read and raise the odds of a move toward the weekly mean at $58.35.
Square of 9 sharpens the decision zone
From a Gann Square of 9 perspective, the $61-$64 zone is a key geometric decision area, and the VC PMI levels sharpen it into $61.15-$61.92 support, followed by $62.67, $63.04 and $63.74 resistance. Converting the $62.67 mean from resistance into support would strengthen the case for a move through $63.74. Losing the $61.15 level, meanwhile, would put $59.84 back in play.
Source: Investing.com (Commodities Analysis & Opinion)
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