Silver Consolidation Paves Way for Potential Breakout Above $71.29

Silver futures continue to consolidate near equilibrium after a strong recovery from $62.45 to $70.08. The metal is currently trading around $68.69, testing the Daily VC PMI mean.

According to analysis, holding and closing above this level would maintain the upside probability towards Daily Sell 1 at $69.98, followed by Daily Sell 2 at $71.29. A confirmed breakout above $71.29 could expose larger weekly objectives at Weekly Sell 1 $72.26 and Weekly Sell 2 $74.98.

On the other hand, a correction would see support at Daily Buy 1 at $67.38, which nearly overlaps the Weekly VC PMI mean at $67.35, creating an important support cluster. Below that, Weekly Buy 1 at $64.63 represents major secondary support.