Silver rises to $59.16 after bouncing back from $58.60 but struggles below key resistance

After a sharp decline earlier in the week, the price of silver showed signs of a rebound, but technical indicators have yet to confirm a clear reversal in trend. While short-term downward pressure appears to have eased, the price remains persistently below major resistance zones, suggesting caution is still warranted.

Intraday recovery stands out

In trading, silver climbed by 0.70%, reaching approximately $59.16 per ounce. The day began with movements around $59.20, experiencing volatility that pushed the price up to about $59.55 at its peak.

Subsequently, renewed selling pressure drove the price lower toward the $58.60 region. However, strong buying activity at these levels fueled a series of gains, propelling silver back above the $59 threshold.

From a technical standpoint, the $58.55 to $58.65 range is drawing attention as a short-term support area. A sustained drop below this band may open the door first to $58 and then, on a broader scale, to the $56.50 zone.

Short-term indicators give mixed signals

On the 30-minute chart, silver appears to have stabilized following the week’s retreat from above $65. After bouncing back from the June 25 low, the price returned to the $59 band and moved sideways around $59.13.

The Chaikin Money Flow indicator stands at 0.19, pointing to continued capital inflows supporting buyers within the observed time frame.

However, the MACD indicator presents a more cautious picture. The MACD line hovered near 0.02, with the histogram around 0.03 and slightly below the signal line—an arrangement that raises the possibility of waning bullish momentum.

Broader correction risk persists

A chart based on Elliott Wave analysis indicates that a larger corrective structure in silver may still be developing. The price recently bounced from the $58.46 level, which marks the 78.6% retracement, highlighting this area as a key support.

The same analysis suggests potential recovery targets at $63.71, $66.47, and $69.34. However, if the current rebound fails and the broader correction resumes, a pullback toward $50.98 could become a risk.

As a result, short-term attention is now focused on the $58.46 to $60 band. Remaining above this support region may underpin the ongoing recovery. Conversely, a break below $58.50 could see selling pressure intensify, requiring buyers to reclaim first $59.60 and then $60 to renew the uptrend.

The post Silver rises to $59.16 after bouncing back from $58.60 but struggles below key resistance appeared first on COINTURK NEWS.