is moving within a bearish correction on the 4-hour timeframe, with downside momentum still intact. Price action remains below the key moving average, highlighting the continued dominance of sellers and confirming the prevailing bearish pressure.
The chart reveals the completion of a harmonic AB=CD pattern near a strong technical support zone, while recent price action shows early signs of stabilization above the latest low. This setup increases the probability of a potential bullish rebound, provided buyers manage to defend this critical area during the upcoming sessions.
In my view, the zone between $54.35 and $56.40 represents a critical price-action area in the near term. Holding above this range could trigger a bullish corrective wave in silver, targeting a retest of the first resistance level at $60.30. If buying momentum improves, the upside could extend further toward the declining moving average near $63.20. However, this scenario remains purely corrective as long as prices continue trading below the moving average and fail to break above the key resistance zone.
On the other hand, a break below $54.35 followed by a confirmed close beneath this level would signal the resumption of the bearish correction, potentially exposing silver to further downside pressure. Any rebounds would remain merely corrective attempts within a broader downtrend until price successfully changes the market structure on the 4-hour timeframe.
From my perspective, traders should closely monitor price behavior around the current support zone, as its reaction will determine whether silver is forming a new launch base for recovery or preparing to extend the ongoing bearish correction.
Support Levels: $56.42 – $54.35 – $52.00
Resistance Levels: $60.30 – $63.20 – $71.75.
