Silver Price Remains Trapped in Consolidation Range

The silver price has recovered from its lows near $54.50 but analyst Patrick Karim is not convinced that the correction is over.

Karim argues that the market remains trapped in a consolidation range and needs to clear the level of $71 before considering a breakout.

The chart shows that silver went through a massive rally from around $43.50 to nearly $120, but has since collapsed to roughly $54.50.

Karim describes this phase as a corrective box that keeps expanding, and his focus remains on the key level of $71, which would confirm a breakout if exceeded.