Silver bounces at $61.67 Fibonacci support: Live levels

Silver prices rebounded to $61.67, a key Fibonacci support level, signaling potential for a mean-reversion rally or further decline. The 5-hour chart displayed the bounce, placing the price perilously close to the downtrend's trigger zone. If the support holds, the market may see a reversal; however, if it breaks, silver could plunge to new cycle lows.

Currently, silver is in a steep downtrend after reaching a high of $71.16, with the price at $61.67. Technical indicators, including the 20-, 50-, and 200-bar moving averages, display a downward trend, illustrating the overall bearish pressure. The price is situated beneath all these averages, indicating sustained bearish momentum.

Trading within the range of $61.18–$62.70 is expected to be choppy, with unsuccessful breakouts. The Average True Range (ATR) is 0.83 (1.35%), indicating moderate volatility. However, recent volume has decreased as the price consolidated, suggesting apathy before any significant move. Experts advise caution when price hovers between long-term Fibonacci and volatility supports, urging traders to only proceed with countertrading after the trend breaks.