Silver is testing $60 support for the fourth time inside a descending triangle, with momentum and moving averages still pointing lower. A clean break below the level opens a path toward $59.24 and $57.75, while a reclaim of $61.15 would challenge the bearish setup.
Silver was changing hands at $60.00 on its 5-hour chart, clinging to a support level that has now been tested four times inside a descending triangle. Bearish momentum remains in control, and the metal has yet to draw in buyers with conviction.
Momentum and moving averages stay bearish
The 5-hour RSI sits at 39.6, edging toward oversold territory without yet triggering a reversal. Meanwhile, the 20-period moving average sits at $61.15 and the 50-period at $61.94, both well above spot and reinforcing the short-term downtrend. Price trades below the Ichimoku cloud with the SuperTrend indicator pointing down, and a Bearish Marubozu candle formed near $59.88, a sign of strong selling pressure. The ADX reading of 17 points to a weak trend, suggesting range-bound conditions for now, though a break in either direction could trigger rapid follow-through.
Scenario playbook splits bulls and bears
Trade setups built around the pattern show a clear divide. On the bear side, an aggressive entry at $59.80 targets $57.75, $56.50, and $55.00, while a conservative entry waits for a break and retest of $59.24. Bulls, by contrast, need a close above the 20-period average near $61.25 before targeting $62.45, $64.00, and $65.30, and confidence in that scenario is rated low. The zone between $59.50 and $61.15 is flagged as historically choppy, carrying a higher risk of whipsaws for traders positioned too early.
Descending triangle nears completion
The pattern itself is described as 90% complete, and descending triangles at that stage historically favor a continuation in the direction of the trend — in this case, down. A rally toward $61.15 that stalls would likely draw fresh selling, as multiple resistance levels converge at that mark. Still, a breakout below $60.00 would need heavy volume and fresh selling pressure to confirm before odds meaningfully favor further downside.
Source: Commodities & Futures News
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