Silver a Fresh 7 Year High
On Monday, spot silver jumped 2.9% to $29.12, the highest level since February 2013.
Share this:
On Monday, spot silver jumped 2.9% to $29.12, the highest level since February 2013, boosted by expectations on a solid economic recovery and growing optimism over fiscal stimulus. In fact, Bloomberg data showed that total holdings of known silver ETFs increased by more than 30% during April-July, suggesting a strong investors' demand.
In late July, we pointed out that spot silver has shown a critical upside breakout. From a technical point of view, it maintains a strong bullish momentum as shown on the weekly chart. There is no signs of a bearish RSI divergence yet, after it has broken above a 6-year consolidation range. The level at $25.50 might be considered as the nearest support, while the 1st and 2nd resistances are expected to be located at $31.00 and $35.30 respectively. Alternatively, a break below $25.50 may open a path to the next support at $22.90.
Source: TradingView, Gain Capital
On Monday, spot silver jumped 2.9% to $29.12, the highest level since February 2013, boosted by expectations on a solid economic recovery and growing optimism over fiscal stimulus. In fact, Bloomberg data showed that total holdings of known silver ETFs increased by more than 30% during April-July, suggesting a strong investors' demand.
In late July, we pointed out that spot silver has shown a critical upside breakout. From a technical point of view, it maintains a strong bullish momentum as shown on the weekly chart. There is no signs of a bearish RSI divergence yet, after it has broken above a 6-year consolidation range. The level at $25.50 might be considered as the nearest support, while the 1st and 2nd resistances are expected to be located at $31.00 and $35.30 respectively. Alternatively, a break below $25.50 may open a path to the next support at $22.90.
Source: TradingView, Gain Capital
Related tags:
Latest market news
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
Gold, silver slammed as hawkish Fed repricing reignites dollar upside
Gold and silver had held up surprisingly well against surging US yields. Wednesday’s DXY breakout may have changed that equation.
Gold, silver shrug off a brutal macro stress test
A hawkish Fed, surging short-dated Treasury yields and a firmer dollar failed to deliver the kind of damage usually seen in precious metals.
Gold Technical Outlook: XAU/USD Bulls Regroup at a Critical Pivot Ahead of Fed 9 16 2026
Gold is attempting to stabilize near a pivotal technical zone, with the Fed decision poised to provide the catalyst for the next major move.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.