Commodities
Silver Breaks Out Above $70.69, Sets Sights on $72.26 and $74.98
Silver prices have broken out of their recent downtrend and are now trading above $70.69, setting the stage for a potential move to $72.26 or even $74.98.
The breakout is confirmed by the Daily VC PMI analysis, which shows that silver has reclaimed its daily mean at $68.42 and is now challenging the previous swing high of $70.08.
According to the analysis, a sustained breakout above $70.69 could accelerate the move towards Weekly Sell 1 at $72.26, followed by Weekly Sell 2 at $74.98.
The broader fundamental structure remains supported by tight physical-market conditions and investment demand, but macroeconomic conditions remain volatile due to July PCE inflation coming in slightly stronger than expected.