Silver's recent trend remains hot. The market is focused on the Federal Reserve's January policy meeting, with most officials signaling hawkish tones but not exceeding expectations. The US dollar index has slightly retreated, providing some breathing room for precious metals. On the other hand, Indonesia's statement about potentially adjusting the 2026 nickel quota on demand has stirred the base metals sector, and as silver possesses both financial and industrial attributes, demand sentiment has noticeably warmed. Coupled with the overall steady upward trend in the global commodities market, bullish sentiment for silver has indeed been heating up these days.

Looking at the hourly technical chart, the three lines of the Bollinger Bands are diverging upward, with the upper band maintaining a steep slope. The moving average system has formed a standard bullish setup—MA5 and MA10 continue to cross above MA20 and MA60, paving the way for price increases. After rebounding from earlier lows, silver has stabilized at the Fibonacci 38.2% retracement level and is gradually moving higher within the oscillation zone between the middle and upper Bollinger Bands.

In terms of trading strategy, 74.6 is a good entry point. This level is just above the hourly Bollinger middle band and is a stabilization zone after retesting the MA10 moving average, fitting the "buy on dips" approach in a bullish trend. From a Fibonacci retracement perspective, 74.6 falls within the 38.2%-50% range, offering a reasonable risk-reward ratio.

For potential add-on positions, watch the 73.7 support. It marks the upper boundary of the previous platform and aligns with the hourly MA20, serving as a secondary support in a bullish market. If prices retrace to this level and support holds, it could be an opportunity to add positions.

The defensive stop-loss is set at 73.0. This level coincides with the lower boundary of the Bollinger middle band and the 23.6% Fibonacci retracement, creating a double resonance point. If broken, the hourly bullish structure would be essentially invalidated, and silver is likely to revert to a consolidation mode. At that point, decisive stop-loss is the best choice.

Overall plan: buy at 74.6, add at 73.7, stop at 73.0, with targets in the 78-80 range.