Silver's recent tug-of-war between bulls and bears continues to unfold. Today, if the price stays below $78, it will likely show a rally followed by a pullback. Once it reaches the resistance zone of $80-$80.5, the same story will repeat—rising easily triggers a decline.

Looking downward, $73-$73.5 is a short-term support zone, but the real key level to watch is the $70 line. As long as the bears break below $70, silver could continue to decline, targeting the 0.618 and 50% retracement levels in the $84-$48.6 range. Interestingly, that level is also where we want to position our medium- to long-term long positions. Conversely, if $70 holds, silver is likely to oscillate above this level repeatedly, grinding sideways over time to form a base. It’s worth noting that whether $74 can hold steady will directly determine how much room there is for a downward move.

In terms of trading strategies, conservative traders might prefer to wait and observe before entering the market after the holiday; aggressive traders could try shorting at the resistance zone during rallies or lightly going long before key support levels are broken to test the waters. Currently, the market is characterized by wide-range fluctuations, so there's no need to rigidly stick to a one-sided mindset.