Yuriy Ukazkin
⬤ Silver briefly tested all-time highs before pulling back, but instead of reversing hard, it's now consolidating above key support. The price rejected near previous records and settled above its rising trendline, showing the market is taking a breather after a strong run while keeping the bullish setup alive.
⬤ The chart shows silver sitting comfortably above its purple uptrend line around the $112 level. Even though it couldn't push into new territory, the price keeps making higher lows—meaning sellers aren't gaining much ground. This looks like a classic bull flag pattern where momentum cools off without breaking the bigger trend.
⬤ There's a clear risk level to watch. If silver breaks below that rising purple trendline decisively, we'd likely see a lower low beneath Monday's bottom, which could kick off a deeper consolidation stretching into next week. But so far, price hasn't followed through to the downside, suggesting this is just a correction—not a trend reversal.
⬤ How silver handles this consolidation will be critical. Staying above the trendline keeps the door open for another push toward fresh highs. Breaking below shifts the focus to range-bound trading and potential downside. Either way, this move will shape short-term momentum across the precious metals space.
Yuriy Ukazkin
