Silver Surges Past Key Resistance Levels Amid Bullish Market Structure

Silver prices have shown significant recovery over the past five trading days, reaching $65.48 on Friday and surpassing both the Weekly VC PMI mean at $61.90 and the Daily VC PMI mean near $63.47.

This shift in the short-term structure has placed silver above its key daily support levels of $61.45 and $59.41, indicating a potentially bullish market.

However, the Weekly VC PMI resistance structure suggests that prices may be facing supply at around $67.50 to $70.67.

The August advance should be viewed within a larger cycle framework of 90-, 180-, 270- and 360-day cycles, with potential short-term cycle lows forming in mid-to-late August when price behavior around $67-$71 will help determine the market's next direction.