Silver Tests US$60.39 Fibonacci Resistance as Technical Indicators Signal a Key Decision Area

Spot silver traded around US$59.549 per ounce, down 0.30%, as prices approached US$60.39, an area where the 61.8% Fibonacci retracement of the decline from US$63.73 to US$55.00 aligns with a high-volume trading zone.

The 200-period moving average, currently near US$62.64, remains above current prices, indicating that the longer-term trend has yet to strengthen despite improving short-term momentum. Technical indicators including the MACD, Ichimoku Cloud, and SuperTrend have shown improving momentum over recent sessions.

Technical reference levels

1. Resistance: US$60.39–US$61.38
2. Support: US$57.77–US$58.34
3. Intermediate trading range: US$58.35–US$60.38

Technical indicators

The Relative Strength Index (RSI) stood at 68.96, approaching levels that technical analysts often associate with overbought conditions. At the same time, trading volume has eased as prices approached resistance, a combination that some analysts associate with the possibility of increased short-term price volatility or consolidation.

Some technical analysts also interpret recent price action as forming a potential double-bottom pattern near US$55.00, although confirmation depends on future price movements.

The current Average True Range (ATR) of 0.901 suggests average daily price fluctuations of roughly 1.5%, reflecting elevated market volatility.

Market focus

Investors using technical analysis are likely to continue monitoring whether silver establishes a sustained move above recent resistance levels or retreats toward nearby support, while broader macroeconomic developments and precious metals sentiment remain important drivers.

Technical levels are based on market data as of July 22, 2026, 19:05 UTC. This article is for informational purposes only and does not constitute investment advice. Technical analysis is based on historical price patterns, which do not guarantee future market performance.