Silver prices remain in an upward trend, but recent sessions have seen a slowdown in momentum and a shift to a correction phase. From the perspective of the Overbalance methodology, the local 1:1 geometric pattern is of key importance, with its lower limit falling in the region of $87.00. At the moment, the price has not yet reached this level, but it is within reach, which means that this zone remains the most important support from the point of view of market structure.
According to the Overbalance methodology, as long as the price remains above the lower limit of the 1:1 geometry at $87.00, the baseline scenario remains a continuation of the uptrend. A possible decline to this level and its defence could create space for a resumption of the upward movement and a renewed attack on the upper limit of the 1:1 pattern in the region of $95.83, which currently acts as a key resistance level.
On the other hand, a sustained rejection of the lower boundary of the 1:1 geometry, i.e. a break below $87.00, would increase the risk of a deeper correction. In such a scenario, the next significant support remains the $83.60 zone, resulting from previous price reactions.
SILVER – H1 interval. Source: xStation
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