<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>

白銀信託 ETF - iShares

PSLV

SLVR

2 倍做空白銀 ETF - ProShares

2 倍做多白銀 ETF - ProShares

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<p>銀價正試圖從接近 64 美元的主要支撐位進行急劇反轉，此時其超賣水平是自牛市開始以來的最高點。該金屬曾短暫跌破其 200 日移動平均線，但目前正在重新奪回這一水平。主要驅動因素包括美國 10 年期國債收益率的下降和人工智能需求。低迷的投機參與表明，成功的反轉可能會吸引動量交易者和 CTA 的買入</p>

白銀——是否已經死而復生？