Yesterday, silver quickly retreated from the high of 83.8. Why was it able to stabilize so firmly at the low? In fact, several positive factors are supporting it back-to-back.

On one hand, the Federal Reserve continues to signal dovishness. Last night, an official stated that next year's rate cuts will be flexibly adjusted based on economic data, pushing the market's expectation of rate cuts in the first half of next year to over 70%. This caused U.S. Treasury yields to plunge and the dollar index to fall below 102.

On the other hand, silver's industrial properties are also playing a role. Global photovoltaic installation data recently exceeded expectations, and silver is a core raw material for photovoltaic silver paste. This has boosted demand expectations. Plus, as the year-end approaches, risk aversion sentiment has also mildly increased. The combination of these two forces has strengthened the bulls' capacity to support the market—this is the real reason why silver was able to stabilize after a pullback from the high.

The trading strategy is to follow the trend and go long, looking for support levels after pullbacks to position, rather than chasing new highs.

**71.6 can be entered**—this is the support level of the 5-day moving average on the hourly chart, and also the stabilization zone after the pullback from 83.8. The candlestick here shows a lower shadow bullish line, a clear signal of bullish continuation.

**Add positions at 70.7**—this is the middle band of the Bollinger Bands and the upper edge of the previous consolidation range, a key point of double support. Even if the market slightly retraces here, the probability of a bullish rebound remains high.

**Stop-loss at 69.7**—this is the lower band of the Bollinger Bands and the lifeline of this upward trend. If it effectively breaks below, the Bollinger Bands on the hourly chart will shift from expanding upward to flattening, destroying the bullish trend structure. The market is likely to turn sideways or reverse. To avoid larger losses, decisive stop-loss is necessary.

The overall target range is 74.1-75.2.

(Personal opinion, not investment advice)