Silver futures have extended gains after clearing the $68.88 resistance level, with /SI trading near $68.94 and touching an intraday high of $69.10. The advance follows a rebound from a five-day low of $62.45, representing a gain of more than 10% in recent sessions.
According to VC PMI analysis, the daily mean at $67.84 now serves as the primary short-term equilibrium. The market has already breached the weekly Sell 1 level at $66.99 and is testing the weekly Sell 2 threshold at $68.88. A sustained close above the $68.88–$69.10 range would confirm the breakout and potentially accelerate the upward move, while a failure to hold could trigger a mean-reversion correction back toward $67.84.
Below the mean, the analysis identifies Daily Buy 1 at $66.23 and Daily Buy 2 at $64.35 as preferred accumulation zones. Weekly support is seen at $65.11, followed by $62.21 and $61.32. The recovery from $62.45 aligns with a developing short-term cycle low, with the next significant timing window extending into late August and early September.
From a Gann Square of 9 perspective, the $69–$70 zone carries heightened technical significance. The analysis suggests that acceptance above $70 would represent a major confirmation, shifting focus to higher resistance bands. Traders are advised to monitor price-time alignment near these levels rather than assuming resistance will cap the advance.
Fundamentals remain supportive, with silver settling around $68 on August 20 following its strongest daily percentage gain since early August. A softer dollar and easing Treasury yields have also lent support to precious metals. The Silver Institute projects a sixth consecutive global silver deficit in 2026, driven by sustained physical investment demand, despite ongoing reductions in solar-sector silver consumption due to photovoltaic thrifting and substitution.
The analysis maintains a bullish bias above $67.84, with a decisive breakout above $69.10–$70 potentially igniting the next momentum leg. Given the trend’s strength, the preferred strategy is to buy corrections into VC PMI support rather than shorting strength.
