Silver spot prices have several support factors recently. On one hand, escalating geopolitical tensions have increased safe-haven demand, with funds continuously flowing in; on the other hand, the Federal Reserve's rate cut expectations remain intact, and China's photovoltaic and new energy industrial export controls have further tightened global supply, making the supply-demand gap logic still valid. Coupled with stable silver ETF holdings and low inventory levels, these factors support the price.

However, there are also a few disruptive factors worth noting. The BCOM index is about to undergo rebalancing, which may bring passive selling pressure; simultaneously, CME has recently raised margin requirements, and leveraged funds are reducing their positions, which could intensify short-term volatility. The previous gains have been quite substantial, with the RSI showing obvious overbought signals, Bollinger Bands widening but prices running along the upper band, indicating a strong willingness to take profits.

From a technical standpoint, key resistance is in the 76-77 range (intraday high has approached 76.30), while strong support is around 68. Last week's low of 70.07 is a psychological level.

It is recommended to enter in batches within the 73-74 range, with a stop-loss set below 72.5. The short-term target points to 76-78. If the price breaks through 77, it can be followed up to target 80-82; but if it falls below 72, it is advisable to stay on the sidelines for now, and a rebound at 73 can be used to add short positions, with support below at 70-69.