Spot Silver Bears Continue, Focus on Short Positions

The core of trading is to follow the trend rather than fight against it. Patience is needed to wait for the right entry point to seize profit opportunities in the market.

Today, spot silver opened at 85.263. In the early session, it surged to 85.438 before quickly retreating. The current quote is 84.084, down 1.066 from yesterday’s close, a decline of 1.25%. The lowest touched was 83.434. Overall, the market shows a pattern of rising and then falling, with bearish forces rapidly releasing near resistance levels. Prices remain in a low-range oscillation.

In terms of news, strong US economic data has cooled expectations of Fed rate cuts. The dollar has strengthened, exerting direct pressure on silver. Meanwhile, concerns over global commodity demand remain unresolved. Silver’s industrial attributes lack support, and the fading of geopolitical risk aversion further weakens buying interest. Multiple bearish factors continue to drive the downward trend.

From a technical perspective, the 1-hour chart of spot silver shows a double-top pattern. The price has broken below short-term moving average support, with moving averages arranged in a bearish alignment. The MACD indicator has formed a death cross, with the green bars expanding, indicating continued bearish momentum. The 85.0 level has become an important resistance, while the 83.0 level is a key short-term support. Overall, the market is in a staged downtrend channel.

Strategy-wise, focus on short positions. It is recommended to enter short trades in the 84.8-85.0 range, with a stop-loss above 85.5. Targets are set at 83.5-83.0. If the 83.0 level is effectively broken, consider adding to short positions, with a further target of 82.5-82.0.

Disclaimer: The content of this article reflects the personal analysis and views of Juejin Laomao and does not constitute investment advice. Trading in spot silver carries high risk. Investors should make independent decisions based on their own risk tolerance, and bear all investment risks themselves.