Silver futures have entered a renewed bullish phase, closing near $69.01 after recovering from a weekly low of $62.45 and briefly touching an intraday high of $70.08. According to technical analysis, price has decisively moved above both the Weekly VC PMI mean at $67.35 and the Daily VC PMI mean near $69.19, placing the metal at a key breakout threshold.
The analysis identifies primary equilibrium levels at $69.19 (Daily) and $67.35 (Weekly). A sustained hold above $69.19 increases the likelihood of further upside toward Daily Sell 1 at $70.42 and Daily Sell 2 at $71.31. Beyond these, the broader weekly targets are set at Weekly Sell 1 ($72.26) and Weekly Sell 2 ($74.98).
On the downside, corrections are expected to find initial support at Daily Buy 1 ($68.30) and Daily Buy 2 ($67.07), with the $67.07–$67.35 zone serving as critical technical support due to the convergence of Daily Buy 2 and the Weekly mean. A sustained break below this area could weaken the near-term bullish structure.
The recovery from $62.45 appears to mark the completion of a short-term corrective cycle, followed by a new expansion phase. The next significant cycle window runs from August 24–28, when momentum could accelerate or face temporary resistance. Attention then turns to the September 2026 delivery/expiration cycle, particularly late September.
From a Gann Square of 9 perspective, the psychological $70 level acts as a major vibration point. Acceptance above $70.08 could open the door to price expansion toward approximately $71.30, $72.25, and $75, aligning closely with the VC PMI resistance structure. This confluence reinforces the importance of the 72.26–74.98 target zone.
Fundamentally, silver’s outlook remains constructive. The metal finished the week around $69.47, up roughly 6.9%, supported by a weaker U.S. dollar, fiscal and debt concerns, and shifting monetary-policy expectations. Silver’s dual role as both a monetary and industrial metal continues to underpin demand. CME recently highlighted this characteristic while announcing expanded 24/7 trading for its 100-ounce silver futures, slated to begin September 11 pending regulatory approval.
The dominant trading strategy remains to buy corrections rather than aggressively short strength. Above $67.35, the weekly trend is viewed as constructive, while a break above $70.08 could accelerate momentum toward the $71.31, $72.26, and $74.98 targets. Traders are advised to exercise discipline, as Sell 1 and Sell 2 levels represent statistically extended zones where profit-taking and mean reversion may occur.
