Silver's rebound is running into resistance
Silver has reached a critical technical area after the latest rebound stalled near the upper boundary of the descending channel that has framed price action since the February high. The metal slipped as low as $74.50 before recovering towards the $76-$77 area, but the repeated failure to push decisively through resistance suggests sellers are still active near the top of the range.
The 50-day moving average around $75.70 adds to the importance of this zone. If silver cannot hold above that level and clear nearby channel resistance, the recent bounce may continue to look more like a corrective move inside a broader downtrend than the start of a durable recovery.
The $70.30 area is the support to watch
The downside level to watch is around $70.30, where the chart shows an important horizontal support area. A break below that level would point to a deeper weakening of the trend and could make the earlier February-to-March down move look more like the start of a larger corrective phase.
For the bullish case to improve, silver would likely need to break above both the 50-day average and the descending channel resistance, then hold that break. Until that happens, the technical picture remains finely balanced but still vulnerable.
