I've been observing silver for a while, and the volatility we've seen lately is simply brutal. The spot price of silver recently dropped from over $120 to a low of $63.90, but then rebounded strongly to $77-78 in just 24 hours. Intraday movements of more than 9% are not normal, so something significant is happening in the markets.

The interesting thing is that the spot price of silver seems to be finding support around $72-73. I've seen several traders pointing to this zone as key — if it breaks, it could fall back toward $60, but if it holds, the next major resistance is at $92. A sustained close above that level would significantly change the technical outlook.

Most analysts I follow are talking about this as a 'blow-off top' followed by panic liquidation. They say that even if we rebound, it doesn't guarantee the trend has reversed. A strong dollar and higher interest rates have put considerable pressure on silver as a safe-haven asset.

Looking at the SLV (the silver ETF), it’s trading around $70, but implied volatility is at extreme levels. The RSI is around 40, so technically we’re near oversold, but the MACD is showing bullish signals. It’s a mixed picture.

The fundamentals remain interesting — industrial demand for silver for solar panels, electronics, and green energy continues to be strong in the long term. But in the short term, the spot price of silver heavily depends on what the Fed does and whether markets stay in risk-off mode.

For now, I’m monitoring those key levels ($72 support, $92 resistance), and waiting for the price to confirm a clear direction. Macroeconomic uncertainty remains the dominant factor, so volatility is likely to persist for a while longer.