Silver prices extended gains today, tracking a broader rally in precious metals as a weaker U.S. dollar and falling bond yields fueled demand for safe-haven assets. According to data from Bitcoin World, silver rose a notable margin, aligning with increased interest in gold and other metals.
Technical analysis reveals a split in market sentiment. On the bullish side, charts indicate that silver has bounced off a demand block around the $60 to low-$70 zone, with buyers defending lower price ranges. GGG Trades noted that if silver sustains this daily demand, it could ultimately challenge the all-time high. A short-term supply area near $80–$83 and a broader upper supply zone near $110–$120 remain key hurdles.
However, Elliott Wave analysis by EWF Sandile presents a bearish outlook, with silver still trading below the critical resistance at $83.081. The wave structure suggests a corrective pattern may persist, with the potential for a three- or seven-swing bounce before further downside. As long as silver remains below this level, the bearish setup stays valid. A decisive break above $83.081 would invalidate the bearish pattern and shift focus to higher supply levels.
Elephant Capital highlighted that silver's price action remains strong, with the metal recovering above prior quarterly closing highs. This structural resilience supports a continuation outlook, though confirmation is still needed. Macroeconomic factors, including a weakening U.S. dollar and falling bond yields, are adding tailwinds. Market participants are also pricing in potential Federal Reserve rate cuts later this year, which historically support precious metals.
The immediate battle line is the daily demand zone; holding above it supports bulls, while a breach could reignite the corrective phase. Investors are watching the $83.081 level closely as a definitive pivot point.
