Silver rallied over 6% last week, touching around $62.40 per ounce, as a weaker-than-expected U.S. jobs report pushed the dollar lower and boosted metals. The COMEX futures also gained about 3.65 points, with buyers defending the critical $60 support level. Cooling inflation and slowing hiring have eased fears of aggressive Fed rate hikes, further supporting the metal.
Industrial demand remains a powerful floor—solar panels, electric vehicles, AI hardware, and chip manufacturing continue to strain supply, a shortage that keeps prices elevated. Analysts now eye the next major resistance between $74 and $78, a “market memory” zone where heavy trading earlier this year could cap gains. A breakout above $63 with strong volume may open a path toward $65 and then $70, especially if upcoming U.S. CPI and PPI reports show softer inflation, weakening the dollar further.
Trader Bramesh Bhandari forecasts extreme volatility this week: a sharp shakeout on Monday followed by a strong Tuesday–Wednesday rally before profit‑taking pressures emerge. His outlook, while partly astrological, echoes a common pattern of rapid price spikes reversing quickly. On the macro front, geopolitical tensions in the Middle East and sustained factory demand continue to channel safe‑haven flows into silver.
If inflation surprises to the upside or bond yields climb, silver could slip back to test $60—and losing that floor might send prices toward the mid‑$50s. For now, the metal holds a bullish tilt but hinges on incoming data.
