Silver prices continue their upward trend, reaching $36.27 today — the highest level since February 2012. The next major challenge lies at $37.48, the peak recorded on February 29, 2012. Currently, silver is trading near the $36.00 level. The metal has surged approximately 27% from its April 7, 2025 low of $28.36 to today’s high, signaling the beginning of a bull market. Since the start of the year, silver has climbed around 25%, outperforming riskier assets such as Bitcoin and major global stock indices — including U.S., European, Chinese, and Japanese markets. However, silver still lags behind gold, which has risen by 28%. Forecasts suggest that the upward trend for both precious metals may continue.
Key Drivers Supporting Silver Prices:
Silver is currently supported by several factors, including:
- Rising gold prices, with gold reaching $3,404 yesterday — its highest level in nearly a month.
- Weakness in the U.S. dollar.
- Market expectations that the Federal Reserve will cut interest rates twice this year, which supports silver, as it is a non-yielding asset.
- Strong industrial demand for silver, used in various sectors such as pharmaceuticals, medical supplies, and electronics.
Market Awaits Key U.S. Economic Data:
Markets are closely watching the upcoming U.S. jobs report, scheduled for release today at 4:30 PM UAE time. The report includes non-farm payrolls, the unemployment rate, and average hourly earnings. Forecasts suggest that the U.S. economy added 127,000 new jobs in May, following April’s gain of 177,000. The unemployment rate is expected to remain steady at 4.2%, while annual average hourly earnings are projected to grow by 3.7%, slightly below April’s reading of 3.8%. Therefore, any reading weaker than expected for jobs and wages — and higher for unemployment — could positively impact silver prices.
Technical Analysis of Silver Prices:
The prevailing trend for silver appears to remain bullish, supported by the following technical indicators:
- Alignment and upward movement of the 20-day, 50-day, and 200-day moving averages, with the 20-day MA above the 50-day, and the 50-day above the 200-day.
- The Relative Strength Index (RSI) shows positive momentum at 72 points.
- A narrowing gap between the MACD (blue line) and the signal line (orange), with any bullish crossover likely to reinforce the upward trend in silver.
Please note that this analysis is provided for informational purposes only and should not be considered as investment advice. All trading involves risk.
