Silver’s ability to sustain its rally now depends on the critical weekly pivot at $30.44. Holding above this level signals strong buyer momentum, positioning the metal for a test of the next resistance at $32.275. If this level is breached, the market could set its sights on the long-term high of $34.87.
Conversely, a decline below $30.44 could indicate renewed selling pressure. Key support at $29.68 may come into play, and a break below this level could accelerate declines toward $26.47. These levels are pivotal for traders assessing silver’s strength in the current environment.
What Will Drive Silver’s Performance This Week?
Silver’s performance will depend on several factors in the coming week. Continued geopolitical risks could sustain safe-haven demand, supporting prices above $30.44. On the other hand, any resurgence of the dollar’s strength or rising yields may cap gains.
Additionally, Federal Reserve commentary and critical U.S. economic releases, such as consumer confidence and housing data, will play a significant role. Market participants will be watching for any indications that monetary policy may shift sooner than expected, as this could influence silver’s direction.
Is Silver Positioned for Continued Strength?
Silver’s rally last week was a testament to its appeal in uncertain times. Traders should monitor $30.44 closely as the key to near-term momentum, with $32.275 as the next target. While risks from a strong dollar and high yields remain, safe-haven demand and macroeconomic uncertainty may continue to provide support.