Silver Futures Regain VC PMI Mean as Buyers Stabilize Market
Silver futures are trading near $67.37 after a volatile reversal from its recent high of $72.05 to $65.83, bringing price back toward the VC PMI's lower value zone where buyers have started stabilizing the market.
The current price action has shifted the short-term bias to cautiously bullish, with the immediate equilibrium level at the Daily VC PMI mean of $66.97. With silver currently trading above this mean, the first upside objective is Daily Sell 1 at $68.11, followed by Daily Sell 2 at $69.32.
A sustained breakout above the Weekly VC PMI mean of $68.69 would expose Weekly Sell 1 at $70.95 and potentially $74.11. However, if silver breaks below $65.76, it could expose $64.62, $63.67 as a deeper support area.
The market is entering the September cycle window, which is historically significant due to its annual cycle date on September 28. This period may see increased volatility and price discovery.