Silver continues to attract investor attention amid a supportive technical and fundamental backdrop. Recent price action reflects sustained upward momentum, with buyers remaining in control as the metal trades near multi-year highs. While several economic data releases are scheduled this week, current market dynamics appear more influenced by underlying supply-demand imbalances and technical positioning than immediate macroeconomic catalysts.
Following the low of $28.250 per troy ounce recorded on April 7, silver has staged a notable recovery, with price action reflecting renewed strength and growing buying interest.
Technical indicators support the bullish outlook. The Momentum Oscillator remains above the 100 baseline, signaling sustained upward pressure, while the Relative Strength Index (RSI) holds above the neutral 50 mark — both suggesting a continuation of positive momentum. Additionally, price action remains firmly above the 20-period Exponential Moving Average (EMA), reinforcing the near-term strength. The upward slope of both the 20- and 50-period EMAs further confirms the prevailing uptrend.
However, despite the constructive technical backdrop, some caution is warranted. A developing negative divergence between the price and the Momentum Oscillator may indicate waning momentum, raising the potential for a short-term pause or corrective pullback within the broader bullish structure.
Key Resistance Levels
If buyers maintain control of the market, traders may shift their focus to the following four potential resistance levels:
36.876: The initial resistance level is estimated at 36.876, mirroring the daily high reached on June 9.
38.453: The second price target is seen at 38.453, reflecting the weekly resistance, R2, estimated using the standard Pivot Points methodology.
38.992: The third price target is established at 38.992.
40.249: An additional price objective is seen at 40.249, representing the 423.6% Fibonacci Extension drawn from 33.678 to 31.637.
Key Support Levels
If sellers take control of the market, traders may focus on the following four key support levels:
34.564: The initial support level is seen at 34.564, representing the peak marked March 28.
33.678 The second support level is positioned at 33.678, aligning with the daily high from April 24.
31.637: The third downside target is noted at 31.637, corresponding to the trough formed on May 15.
30.438: An additional downside target is determined at 30.438, mirroring the weekly support, S3, calculated using the standard Pivot Points methodology.
Fundamentals
Silver surged to its highest level in over 13 years on June 9, with futures reaching $36.876 per troy ounce — the highest since early 2012. The metal is now up more than 26% year to date, narrowing the performance gap with gold, which has risen about 28% in 2025. Silver’s rally is supported by strong industrial demand, particularly in solar technology, and its appeal as a defensive asset. A projected supply deficit — following a 15% shortfall in 2024 — is further underpinning bullish sentiment, according to estimates from the Silver Institute.
Conclusion
With silver trading near multi-year highs, the broader technical structure and fundamental landscape continue to support a bullish bias. Momentum remains intact, though signs of divergence suggest the potential for near-term consolidation. As market participants monitor upcoming economic releases, price direction will likely remain anchored to structural supply-demand dynamics and evolving investor sentiment. Traders should remain vigilant for any shifts in momentum or key levels that could shape the next directional move.
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