Silver at Crucial Juncture as Buyers Face Key Resistance
Silver prices have reached a critical juncture after failing to sustain its recent rally to $66.98, currently trading near $64.25, down approximately 1.14% from the intraday high.
The market is testing an important VC PMI support area and is at risk of turning into accumulation support or giving way to a deeper retracement.
According to VC PMI price structure analysis, the Daily VC PMI mean is $65.26, making this the principal short-term pivot. A recovery above $64.05 followed by a close above $65.26 would indicate that buyers are regaining control.
The larger weekly support remains at the Weekly VC PMI mean of $61.90. On the upside, resistance is clearly defined at Daily Sell 1, $66.20, followed by Weekly Sell 1 at $67.08 and Weekly Sell 2 at $67.41.