Silver is now pressing into a critical near-term resistance cluster around 85–86, a zone that could determine whether the sharp selloff from 121.82 has already bottomed at 63.98 or whether another leg lower is still ahead. The area combines 55 4H EMA (now at 85.27) and 38.2% retracement of 121.83 to 63.98 at 86.07, creating a technically dense barrier. Price reaction here is likely to set the tone for the next multi-week move.
Stepping back briefly, strong support emerged at 63.98, around 61.8% retracement of 28.28 to 121.83 at 64.04. That the decline from 121.82 is a correction to the up trend from 28.28 only. While the larger picture still points to prolonged medium-term consolidation, the immediate question is whether the next short-term upswing is about to unfold.
If Silver can sustain trading above the 85/86 zone, it would solidify the case that the first corrective leg completed at 63.98 and that a second leg higher is underway. In that scenario, further rise should be seen to 61.8% retracement of 121.83 to 63.98 at 99.73. However, the psychological 100 level sits just above that target and is likely to cap upside.
Conversely, rejection at 85/86 followed by a break below 78.68 support would shift the bias back to the downside. That would put 63.98 back in view and raise the probability that the correction is deeper than initially thought. In that case, the pullback could extend into a broader correction of the uptrend from 17.54 (2022 low), or even the larger advance from 11.69 (2020 low), before a durable base forms.
For now, the technical picture argues for patience rather than conviction. Silver is sitting at a clear decision point, and clarity should emerge within days. A confirmed break above 86 would favor positioning for a push toward 100, while failure at resistance would suggest waiting for another dip before considering fresh long positions.
