Silver prices have retreated from a key resistance zone as technical indicators suggest continued downside pressure. The precious metal encountered selling interest around the 62.60 level, which represents a confluence of the former strong support from February and June, the 20-day moving average, and the 50% Fibonacci retracement of the recent downward impulse from June.
The recent downward reversal from this resistance area confirms the ongoing short-term impulse wave C, which is part of the broader ABC corrective pattern that began in February. This technical setup points to further downside potential in the near term.
Market technicians are now watching the 55.00 support level, which previously capped recent downward momentum and halted the prior decline that preceded the current recovery phase.
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