Silver Tests Yearly Downtrend Resistance Amid Limited Upward Mobility

The price of silver has been testing its yearly downtrend resistance and is currently trading near $64.93, down 1.3% overnight.

The metal's recent advance saw it trade above a short-term descending trendline, but the weekly trend pattern shows no confirmation of a breakout yet.

According to analysis, silver prices are closer to a strong support level than a significant resistance barrier, as confirmed by Cooper in its latest market commentary.

The daily RSI is signaling upward momentum, although with insufficient confirmation. Trading volumes and movement towards price levels of $66.86 could indicate a clearer pattern.