Silver surges 3% to test key Fibonacci resistance

Silver (SI) is trading at $70.19 on the 4-hour chart—just under key resistance after a surge of over 3% today. The bulls have flipped critical technical signals, but looming overhead resistance means risk and reward are now in a tight dance.

Bullish Surge, But Ceiling Ahead
Silver just staged a powerful breakout, shooting up from the $68.30 zone after smashing through the Ichimoku Cloud and triggering a bullish SuperTrend reversal at $65.65. Volume spiked on these moves—always a sign of real conviction, not just algorithmic noise. But here’s the catch: price is now pressing against the 50% Fibonacci retracement at $70.42, which often acts as a speed bump or reversal spot in technical trading.