关键阻力压制多头溃退 警惕白银深度回调

Group 1 - The core viewpoint is that silver prices have experienced significant volatility, with a recent decline in spot silver prices and futures, while still showing a year-to-date increase of over 90% compared to gold [1] - The increase in silver prices is attributed to a supply-demand imbalance in physical silver, the impact of the Federal Reserve's monetary policy, and a surge of global capital inflow [1] - The global production of mined silver is projected to decrease to 820 million ounces by 2025, a 12% decline from the peak in 2020 [1] Group 2 - The World Silver Association forecasts that global silver jewelry demand will decline by approximately 5% to 205 million ounces in 2025 due to high silver prices [2] - Total global investment demand for silver (including bullion and ETFs) is expected to reach 1.334 billion ounces in 2025, an 8.2% increase year-on-year, accounting for 37% of total silver demand [2] Group 3 - From a technical perspective, silver remains in a long-term bullish trend, with a mid-term top at $58.9 and a bottom at $45.5 [3] - Current market conditions indicate tightness in the physical silver market, which is expected to further drive up prices [3] - Key resistance levels are identified at $59.00-$60.00, with a potential for a strong upward movement if the $60.00 level is breached [3]