Based on the
H1 Silver chart, price is trading near
65.755, consolidating just below the 65.915 session high after a strong bullish recovery from the 62.185 low. The structure has shifted from bearish to bullish, with price breaking above the declining moving average (around 63.615) and establishing a clear sequence of higher highs and higher lows. Immediate resistance lies at 65.915 and 66.475, while key support is at 65.755 (current level) and 65.510 (session low). A break below 65.510 would likely pull the price toward 65.045 and 64.330, while a sustained move above 65.915 could trigger a breakout toward 66.475 and 67.190. Trading Plan – Bullish Bias: Enter long on a retest of
65.755–65.510 with a stop loss below 65.045 (approx. 0.40–0.60 points). Initial take-profit at 65.915, then 66.475 if bullish momentum persists. If price breaks above 65.915 with strong volume, add to longs targeting 67.190 and 67.905. Avoid short positions unless price closes below 65.045, which would signal a false breakout and potential pullback toward 64.330. Trading Plan – Bearish Scenario (Low Probability): Only consider shorts if price rejects
65.915 and forms a bearish reversal pattern (e.g., shooting star or bearish engulfing) with RSI divergence. Entry at 65.700, stop loss above 66.000, target 65.510 and 65.045. This is a counter-trend trade given the strong bullish recovery; keep position size minimal and move stop to breakeven quickly. Summary: Silver has confirmed a bullish reversal, breaking above the
65.045 and
65.510 resistance levels, with key support now at 65.755–65.510 and resistance at 65.915–66.475. The price action suggests further upside toward 67.190 if 66.475 breaks, especially with the sustained momentum from the 62.185 low and the series of bullish candles. Momentum indicators likely favor buyers, but watch for overbought conditions that could trigger a short-term pullback to 65.510—use those dips to enter or add to long positions. Strict risk management (1:2 risk-reward) is critical; adjust stops to breakeven once price reaches 65.915. The overall bias remains bullish unless price breaks below 64.330 and sustains below it, which would shift the outlook to neutral and open the door for a corrective move toward 63.615–62.900. Monitor U.S. dollar strength, industrial demand, and Federal Reserve commentary for volatility spikes that could accelerate or reverse the current trend.
