Silver ETF ($SLV) Confirms Bearish Pattern After Rejection Near $71
The iShares Silver Trust ($SLV) has validated a bearish H-pattern on daily charts following its failure to sustain momentum above the $71 resistance zone. Market structure now favors sellers after two consecutive rejections at $70.50-$71.00 and $69-$70, with the ETF currently trading NEAR $68.23.
Technical indicators reinforce the downtrend narrative. The short-term moving average has crossed bearishly below the medium-term average, while prominent red candles signal sustained selling pressure. The $65-$66 range emerges as critical support, representing both the pattern's left-side base and the current position of the long-term moving average.
This development follows an extended rally that analysts describe as overheated, with weakening buying power unable to defend previous gains. The completed H-pattern suggests potential for continued downside unless institutional buyers re-enter at lower levels.
