Silver's bounce still looks like consolidation
Silver has been grinding higher in a narrow channel over the past few weeks, but the structure still looks more like a consolidation than the start of a fresh bullish trend. The recent rise has been accompanied by improving momentum, with the RSI pushing higher, yet that alone is not enough to overturn the broader corrective picture.
After such a sharp drop earlier in March, a tighter rebound phase can often be a pause within a larger down move rather than the beginning of a sustained recovery. That appears to be the risk silver is now facing.
Retracement and Bollinger resistance are capping the move
Technically, the recent recovery has now retraced 61.8% of the decline from the 2 March highs. That makes the current move look more like a retracement of the earlier sell-off than a genuine upside breakout. At the same time, the upper Bollinger band is acting as resistance, which is helping to cap silver's advance.
That combination matters because it suggests the rally is meeting resistance at a level where traders would often expect sellers to return. If silver cannot push decisively through that area, the rebound may start to lose momentum quickly.
