Silver Price Stalls Below $70, But Bulls May See Breakthrough Ahead

Silver's price has stalled just below $70, but analysts believe this might not be as bearish as it seems. According to analyst Marco Leens, who posted on X, the silver price is 'doing something interesting just below $70'. This 'something' refers to how the metal has consolidated around the resistance level without giving back a large portion of its gains.

Leens points out that when silver first encountered this major resistance area, there was no meaningful rejection. For bulls, this development is encouraging as it suggests that buyers haven't broken $70 yet and sellers haven't managed to push silver away from the resistance level either.

The four-hour chart shared by Leens shows how quickly the market has changed. Silver fell towards approximately $62.60 on Aug 19 before reversing heavily, climbing through $65, breaking above the important $67 area, and continuing toward $70.

Instead of correcting primarily through price, the market is currently correcting through time. This distinction is crucial as it suggests that momentum has cooled without a comparable decline in price. Buyers are still willing to step in relatively close to the highs, which is constructive as long as the price continues holding its recent breakout levels.

There are three particularly important levels on Leens' chart: $70, $67.95 (the 0.382 Fibonacci retracement), and $67, a major zone that was recently broken above during the rally.