Silver Price Decline Tests Key Support Levels Ahead of Cyclical Turning Window

Silver prices have declined to around 57.70 after reaching an intraday high of 61.27, just beneath the weekly VC PMI Sell 1 level at 61.51. The market has now retreated toward the daily Buy 1 level at 56.79.

The Variable Changing Price Momentum Indicator (VC PMI) suggests that the market remains in a neutral-to-bullish longer-term structure as long as price holds above Daily Buy 1 (56.79).

According to Cycle Date Analysis, silver is approaching an important short-term cyclical turning window between July 24 and July 28.