Spot silver continued its rebound from Friday during Asian trading hours on Monday, rising above $65, a daily increase of about 1.5%, with a clear return of buying interest. This rise in silver was not solely driven by safe-haven demand for precious metals; a weaker dollar and reduced expectations of a Federal Reserve rate hike also played a significant role. As recent US economic data signaled a cooling trend, dollar-denominated commodities as a whole received some support, benefiting silver. US retail sales fell 0.6% month-on-month in July, significantly lower than market expectations, while recent CPI and PPI data also indicated easing price pressures. The combined signal of cooling consumption and slowing inflation has led the market to reduce bets on further tightening by the Federal Reserve in the short term. Lower interest rate expectations typically weaken the dollar and reduce the downward pressure of real interest rates on precious metals, thus providing a more favorable pricing environment for non-yielding assets such as silver. The recent decline of the dollar index to near the 100 mark has reinforced this logic. Like gold, silver is priced in US dollars. When the dollar weakens, the cost of buying silver for non-dollar investors decreases, which is conducive to boosting international market demand. At the same time, the market's readjustment of the Fed's policy path has improved sentiment in the precious metals market. However, silver has a more pronounced industrial attribute compared to gold, so its price is not only affected by monetary policy but also closely related to global manufacturing and economic growth expectations. If global economic growth remains resilient and industrial metal demand can be sustained, silver may receive support from both investment and industrial demand; however, if the US and global economies slow significantly, declining industrial demand may offset some of the benefits from the inflow of funds into precious metals. From a recent price structure perspective, silver has been recovering since hitting its yearly low in July, and has broken through the 23.6% Fibonacci retracement level of the previous downtrend. Over the past week or so, prices have mainly fluctuated around $65, which is more of a "technical consolidation after an upward move" than a clear trend reversal. From a funding and sentiment perspective, silver's recent technical momentum remains relatively positive. The 14-day RSI is around 61, in the strong zone but not yet clearly overbought; the MACD histogram is still in positive territory, indicating that short-term momentum remains bullish. This means that even if prices are temporarily suppressed by $66.33, the market may still accumulate new breakout momentum through consolidation at higher levels, but a rapid rebound in the US dollar should still be watched closely. If subsequent US economic data shows renewed resilience, or if inflation rises again leading to increased expectations of a Fed rate hike, the dollar and US Treasury yields may rise in tandem, putting renewed pressure on silver. Furthermore, silver's industrial attributes mean that changes in global economic expectations can amplify its price volatility, and short-term movements are often more volatile than gold. From a daily chart perspective, spot silver has continued its rebound from the July lows. After recently breaking through the 23.6% Fibonacci retracement level, it has entered a consolidation phase at higher levels, with the overall technical structure remaining positive. The RSI remains around 61, and the MACD histogram is in positive territory, indicating that the bullish momentum has not yet weakened significantly. However, the price is currently near the 100-day EMA at approximately $66.33, which is the most important trend resistance level. The first resistance level to watch is $66.33; a successful break above this level would target the 38.2% Fibonacci retracement level at $67.93. If silver can hold above $67.93, the next upside target could be around $72.02. On the downside, the first support level to watch is the 23.6% Fibonacci retracement level at $62.87. A break below this level would indicate a significant weakening of the current uptrend, potentially leading to a retest of the previous low near $54.70. From a 4-hour chart perspective, silver is currently in a short-term uptrend with some volatility. After rebounding from around $63, prices have consistently risen, indicating continued strong buying interest. However, significant technical resistance exists around $66.33, suggesting a potential pullback or consolidation at higher levels in the short term. If the 4-hour chart shows a decisive break above $66.33 and a move above $67.93, the rebound could transform into a more pronounced upward trend. Conversely, if multiple attempts to break through $65 fail and the price falls below $65, increased profit-taking could lead to a retest of support around $62.87. Editor's Summary: Spot silver is currently supported by a weakening dollar, declining expectations of a Fed rate hike, and improved risk appetite for precious metals. Technically, the rebound momentum has not yet exhausted itself. The RSI is around 61, and the MACD remains positive, indicating that the bulls still hold a certain advantage. However, the 100-day EMA at $66.33 is a key level to determine whether this rebound can extend further. A break above $66.33 could see silver move towards $67.93 and even $72.02; if it fails to break through and falls below $62.87, the current rebound structure may weaken again. In the short term, silver should be treated with a slightly bullish, volatile approach, focusing on changes in the dollar index, US Treasury yields, and Fed policy expectations. Meanwhile, due to silver's dual nature as a precious and industrial metal, its volatility may be higher than gold, requiring attention to global economic growth expectations and changes in industrial demand.