Silver Price Correction Continues: Key Support Levels to Determine Next Trend

The current price action of silver exhibits a typical Elliott Wave corrective structure, with the market in a complex triangle consolidation phase. This pattern often leads to repeated price fluctuations and frequent false breakouts, making it difficult for traders to identify precise entry points. Until the triangle is fully formed, the market will likely remain highly volatile and uncertain.

From a long-term technical perspective, if silver prices can firmly hold the key support area along the lower edge of the triangle, this consolidation phase is more likely to be seen as a build-up before the start of a major trend. This support level is considered an important watershed for bullish and bearish forces. Once it effectively stabilizes, it is expected to become a springboard for the next strong upward movement. The potential target area widely watched by the market is above $150 per ounce, but this depends on the establishment of a breakout pattern and effective volume cooperation. Before a clear breakout signal appears, investors should remain cautious and avoid blindly chasing highs and selling lows. Observing whether the price gains a strong rebound at the support level and whether it can break through the upper rail of the triangle will be the core signals for judging the future direction.