The Structural Boundaries
The Descending Resistance Ceiling: A highly respected, downward-sloping trendline originates from the macro peak established well above the 120.000 level. This boundary has systematically suppressed every major rally over the last few months, forcing a clear sequence of lower highs.
The Horizontal Support Floor: Conversely, buyers have drawn a strict line in the sand between 70.000 and 72.000. This horizontal base has faced multiple high-volume tests since March 2026, and each time, it has successfully triggered aggressive demand.
Immediate Price Action: The daily candle indicates a close at 73.240. Short-term momentum remains tilted to the downside following a strict technical rejection at the 100-day Simple Moving Average (SMA), driving the market back down into the apex of the triangle.
CoT Silver Data* Analysis
- Trend Reversal: Net Long positions (% OI) bottomed in early February at 3.5% before surging into a strong bullish accumulation phase.
- Bullish Crossover: The metric decisively broke above its 26-period moving average in late April, signaling a structural shift in market sentiment.
- May Peak & Pullback: Positions peaked sharply at 15.2% in mid-May before pulling back to 9.85% by May 26.
*- Disaggregated Futures Only Reports from CFTC for year 2026