Silver price falls below the $70 mark
From the
The US side claims negotiations are ongoing. It is reported that the Trump administration has offered Iran a 15-point proposal through intermediaries, aiming to resolve the conflict and reopen the Strait of Hormuz.
Iran, however, has clearly stated it has no intention to negotiate with the US, rejected the ceasefire proposal, and put forward its own terms for negotiations.
The market is facing significant downside selling pressure;
A descending channel was drawn on the silver price chart (marked in cyan);
The channel’s median would serve as a short-term resistance level, and the validity of this technical pattern would thus be tested.
Subsequent price movements have fully confirmed the above analytical framework, as indicated by the arrows in the chart:
On March 19, the lower boundary of the channel provided support for the silver price;
Yesterday, silver retreated from the channel median (which turned from support into resistance), further cementing the bearish sentiment that has been building since March.
From a bullish perspective:
After silver broke below the February 6 low of around 64 USD, strong buying power poured in—what the industry refers to as "smart money" (institutional funds)—which may have accumulated liquidity in that price range to prepare for a later rally in silver price;
Silver may currently be forming an inverted head and shoulders technical pattern.
However, as long as silver continues to trade below the median of the current cyan descending channel, it is still too early to assert a clear bullish signal in the market.
Editor-in-charge: Zhu Henan
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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