Silver Price Catches Hammer Pattern

The silver price has been showing signs of a bullish reversal, with several technical indicators pointing to a potential turnaround.

A spot analysis of the daily chart reveals that Monday's low completed a 61.8% Fibonacci retracement of the prior upswing, suggesting that the pullback may have reached its end.

The recovery of key support levels following the day's low included the July lower swing high of $63.28, which had previously represented resistance but is now acting as support.

A bullish trend reversal signal occurred during the August advance when silver reclaimed that level, and an upside breakout above $64.48 would trigger the hammer pattern and generate a new higher swing low at $62.33.