Silver 4H Technical Analysis: All Eyes Are on $66

XAGUSD, Timeframe: 4H

Silver remains trapped within a well-defined descending channel, with a series of lower highs and lower lows guiding price action since the late-August peak near $71.00. While buyers have recently stepped in near channel support, the broader short-term structure remains corrective.

Channel Support

The latest decline found support near the lower boundary of the channel around $58.00-$59.00, highlighted by the reaction low in early October. Buyers responded aggressively from this area, helping Silver recover above $60.00.

For now, the successful defense of channel support is preventing a deeper decline.

$66.15 Point of Control Remains the Key Barrier

The volume profile shows the largest concentration of trading activity around $66.15, marked by the black horizontal line.

This level represents the market's primary value area and remains well above the current price. The fact that Silver continues to trade below this high-volume zone suggests sellers still maintain a structural advantage despite the recent rebound.

Lower High Structure Remains Intact

The dashed red trendline highlights the ongoing sequence of lower highs. Recent recovery attempts have failed to challenge the upper channel boundary, leaving the downtrend structure intact.

Until price can break above both the descending trendline and the $66.15 value area, rallies may continue to face resistance.

RSI Recovers Toward Neutral

The RSI has recovered to approximately 51.2, moving back above the neutral 50 level. This signals improving momentum following the bounce from support, but the indicator remains far from overbought territory. The recovery in RSI points to stabilization rather than a confirmed bullish reversal.