Commodities
Silver Prices Hang in Balance as Resistance Levels Come into Focus
Silver prices continue to consolidate below key resistance levels as futures closed near $66.79 on September 4, slightly above the daily VC PMI mean of $66.63 and the weekly mean of $66.27.
The market's recovery from the weekly low of $63.88 indicates that buyers defended the lower VC PMI structure, but silver remains below major resistance between $67.93 and $69.11.
According to the VC PMI, daily Sell 1 at $67.93 has a 90% statistical probability of reversion toward the mean, while Daily Sell 2 at $69.11 represents a 95% probability level.
A sustained close above $70.57 would confirm another bullish acceleration and potentially open the door to the $72-$75 area.