Silver Futures Soar Above Key Resistance Levels as Cycle Window Opens
Silver futures continue to exhibit constructive price action after breaking out of a recent consolidation pattern. As of July 23, the market is trading near $59.77, holding comfortably above the Weekly VC PMI Mean of $58.26, which confirms that buyers remain in control despite short-term profit-taking.
The VC PMI identifies the current Daily Buy 1 level at $59.12 and Daily Buy 2 at $57.95. As long as prices remain above these demand zones, the probability favors another attempt toward the overhead resistance levels.
According to the VC PMI methodology, the next upside objectives are: Daily VC PMI Mean: $60.42; Daily Sell 1: $61.37; Weekly Sell 1: $61.51; Daily Sell 2: $62.45; and Weekly Sell 2: $63.31.
These levels represent statistically significant areas where the market becomes overbought, and long positions may begin scaling out of profits. Should silver close decisively above Weekly Sell 2, the VC PMI would identify a bullish expansion phase, suggesting the market has entered a new higher trading range.