Silver prices hovered near $65.34 on Monday, consolidating gains after an eight percent advance from recent lows as momentum indicators signaled fading bullish momentum.
The metal remained below its 20-period simple moving average of $65.40 following a doji candle, while the longer-term 200-period SMA at $60.36 continued to underpin the uptrend. The SuperTrend indicator held at $63.56, providing additional technical support. Average True Range stood at 0.96, or 1.47%, reflecting moderate intraday volatility.
Relative Strength Index edged down to 52.11 after testing overbought conditions, with bearish divergence noted in recent sessions. Fibonacci retracement levels showed the 23.6% level at $64.15 aligning with the established support zone, while the 61.8% retracement at $70.00 remained a key resistance target for bulls.
Traders positioned for a breakout above $65.50 to target $69.00, $72.00, and $75.00, with risk managed at $64.00. A move below $64.80 could trigger bearish momentum toward $62.40, $60.40, and $58.00, with stops set at $66.30. Conservative strategies required confirmation above $67.10 resistance or a breakdown below $63.40 to validate directional moves.
The technical setup reflected a market in consolidation after recent gains, with traders monitoring both Fibonacci levels and moving average crossovers for directional cues.
