<div id="readability-page-1"><div><h2><strong>Back From The Dead</strong></h2><p>Silver looked broken just a few sessions ago. Now the metal is attempting a sharp reversal from major support after reaching its most oversold levels since the bull market began. The question is whether this is just a bounce, or the start of something bigger.</p><h2><strong>Big in silver</strong></h2><p>Silver has staged an aggressive reversal around the key $64 level. Both the early-February and late-March lows were marked by large hammer-like candles that bottomed in this area. Today's price action is starting to look very similar.</p><p>Importantly, silver briefly broke below its 200-day moving average a few sessions ago but is already attempting to reclaim it. Was the breakdown nothing more than a shakeout?</p><p><img width="500" height="563" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://tme2.nyc3.cdn.digitaloceanspaces.com/images/fd10b7e4e7c3997b40b3395e1d40a52e.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://tme2.nyc3.cdn.digitaloceanspaces.com/images/fd10b7e4e7c3997b40b3395e1d40a52e.png"/></p><h5><em>Source: LSEG Workspace</em></h5><h2><strong>Oversold</strong></h2><p>Yesterday, silver reached its most oversold levels since the current bull market began. There is plenty of room for a squeeze higher before conditions start looking overbought again.</p><p><img width="500" height="563" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://tme2.nyc3.cdn.digitaloceanspaces.com/images/8ea1e26aad8d30f0f2318b690c04642e.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://tme2.nyc3.cdn.digitaloceanspaces.com/images/8ea1e26aad8d30f0f2318b690c04642e.png"/></p><h5><em>Source: LSEG Workspace</em></h5><h2><strong>Deja vu?</strong></h2><p>Weekly silver candle looking very much like that late March bounce set up.</p><p><img width="500" height="563" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://tme2.nyc3.cdn.digitaloceanspaces.com/images/c7ec6aa84b80d4d13b51780fea58be1a.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://tme2.nyc3.cdn.digitaloceanspaces.com/images/c7ec6aa84b80d4d13b51780fea58be1a.png"/></p><h5><em>Source: LSEG Workspace</em></h5><h2><strong>The rates connection</strong></h2><p>Silver remains highly rate sensitive. Sharp declines in U.S. 10-year yields have consistently coincided with silver rallies this year, a relationship highlighted in the chart.</p><p><img width="500" height="563" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://tme2.nyc3.cdn.digitaloceanspaces.com/images/f71c3499a2f573977b49c1c032508699.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://tme2.nyc3.cdn.digitaloceanspaces.com/images/f71c3499a2f573977b49c1c032508699.png"/></p><h5><em>Source: LSEG Workspace</em></h5><h2><strong>The AI connection</strong></h2><p>You need silver to run those AI machines. AI is hardly the only driver of silver, but the divergence between the metal and the broader AI trade is becoming difficult to ignore.</p><p><img width="500" height="563" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://tme2.nyc3.cdn.digitaloceanspaces.com/images/5527ddef86f3fb23c9d3538d3dbf3bce.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://tme2.nyc3.cdn.digitaloceanspaces.com/images/5527ddef86f3fb23c9d3538d3dbf3bce.png"/></p><h5><em>Source: LSEG Workspace</em></h5><h2><strong>Could they get excited again?</strong></h2><p>Speculative participation in silver remains surprisingly muted. A successful reversal from key support could be the catalyst that finally draws momentum traders back into the market.</p><p><img width="500" height="563" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://tme2.nyc3.cdn.digitaloceanspaces.com/images/33ebb9f54c47ab9ae981a11dec624a2e.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://tme2.nyc3.cdn.digitaloceanspaces.com/images/33ebb9f54c47ab9ae981a11dec624a2e.png"/></p><h5><em>Source: LSEG Workspace</em></h5><h2><strong>CTAs in silver</strong></h2><p>Silver's recent selloff has reset systematic positioning. If the reversal gains traction, CTA buying could become part of the story again.</p><p><img width="500" height="563" src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://tme2.nyc3.cdn.digitaloceanspaces.com/images/88406d66a3adbbec8ab2f5a7a54701c4.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://files.zhedge.com/cdn-cgi/image/width=1920,quality=75,format=auto/https://tme2.nyc3.cdn.digitaloceanspaces.com/images/88406d66a3adbbec8ab2f5a7a54701c4.png"/></p><h5><em>Source: GS</em></h5></div></div>

白银信托 ETF - iShares

PSLV

SLVR

2 倍做空白银 ETF - ProShares

2 倍做多白银 ETF - ProShares

实物白银股票 ETF - ETFS

<p>银价正试图从接近 64 美元的主要支撑位进行急剧反转，此时其超卖水平是自牛市开始以来的最高点。该金属曾短暂跌破其 200 日移动平均线，但目前正在重新夺回这一水平。主要驱动因素包括美国 10 年期国债收益率的下降和人工智能需求。低迷的投机参与表明，成功的反转可能会吸引动量交易者和 CTA 的买入</p>

白银——是否已经死而复生？