Silver price holds near $70 as triangle pattern forms

Compression near the $70 level

Intraday charts indicate that silver is currently trading within a symmetrical triangle formation. This consolidation, developing beneath a descending resistance line, features higher lows around $69.50 and $70.50. The ongoing fluctuations within the range signal a lack of clear directional commitment in the market for now.

If the price pushes above the upper trendline, the recent $71 level may be revisited, with the next key resistance highlighted at $73.09 on the four-hour chart.

The analysis notes that a breakout to the upside could reinforce a short-term recovery. However, if the lower trendline is breached, the outlook could weaken, raising the possibility that silver revisits the upper end of the $60 range or tests even lower price levels.

Resistance builds between $73 and $79

Charts shared by the Economic Office show $73.09 as the first major support and reaction area. According to this analysis, a rebound from around $69.82 toward this zone is one of the main scenarios to monitor ahead of the next major move.

After $73.09, another challenge arises around $78.82. Given this band’s history as both support and resistance, analysts expect renewed selling pressure if silver rallies into this region. The chart also highlights $83.05 as a major resistance, though prices must first clear the $73 to $79 range before that level comes into play.

Four-hour timeframe highs remain below the May peak, indicating that a broader correction is still underway. If a weak bounce leads to fading momentum, the $62 level could become a focal point once again.

Daily indicators point to weakness

On the daily chart, silver is trading below two significant moving averages and currently hovers near $74.20. This area overlaps with a prominent volume node, presenting strong technical resistance for any attempted move higher.

Recent candlestick patterns have not provided a clear signal for future direction. After a bullish candle formed at support, the emergence of a shooting star, doji, and small bearish candles suggest that buying momentum weakened after the initial bounce. In technical analysis, a doji reflects market indecision as buyers and sellers reach a standoff, while a shooting star signals that upward attempts are quickly met with selling.

Glossary: A doji is a candlestick formation where the opening and closing prices are very close, indicating hesitation in the market. A shooting star shows that, despite an intraday rise, closing prices drop back and selling pressure at resistance intensifies.

The RSI stands at 41, which means momentum is below the neutral 50 threshold. Meanwhile, the MACD signal remains under the zero line, reflecting the ongoing dominance of sellers over a broader timeframe.

At present, silver continues to trade between support at $69 and resistance at $73.09. Whether the intraday triangle breaks to the upside or downside will determine if prices head toward the $74 region with heavier volume or retreat to the June support zone near $62.