Silver failed to maintain its upward momentum after reaching a high of 64.658, instead pulling back and forming a local multiple top pattern, which is a stagnation signal that requires caution.
Currently, the price is testing the support of the recent upward trend and the strength of the moving average system. If it continues to decline, the short-term upward structure will be disrupted.
Given that the overall moving averages are still in a bullish arrangement, shorting against the trend should be done with caution. Aggressive traders may consider lightly shorting when the price pulls back to the resistance zone of 63.6-63 and a stagnation signal appears, with strict stop-loss set above 64.7, targeting 61.5 and 60.5.
