Silver's recent performance has been a rollercoaster, but the overall outlook remains positive. The metal has been navigating a range between strong support levels at 6310/6290 and Friday's high at 6490/6520. This week, silver hit a high for the day at 6320/6320, followed by a sharp decline to the support level at 6320/6300, and a small recovery to 6369 by the close. This pattern suggests a potential range-bound movement, with the possibility of a break below 6250 risking a slide to 6190/75. However, the overall trend remains bullish, and the strategy of buying at support levels is still valid. Long positions should have stops below 6160, and a break above 6535 could signal a buy opportunity targeting 6575/90 or even 6650/6670. This outlook highlights the importance of risk management and a long-term perspective in the volatile silver market.
