Bull Trend Progresses

Last week, silver broke out to a new trend high and confirmed the breakout on a weekly basis, as the week ended above the $34.87 breakout level. There has only been one week up since an inside week breakout triggered last week. That led to the spike in bullish momentum and a decisive rally to new trend highs. The $37.05 potential target is the initial completion of a rising ABCD pattern that started from the April swing low (A).

Rapidly Approaching $37.05

Might silver continue to rise above $37.05? Given the bullish momentum of the past few days, it looks possible. However, the next upside target recognized by the confluence of several price levels is up at $38.46 to $38.61. That area may act like a magnet for price, but it may be too far to go before at least a pause or minor correction of some degree first. Notice that there is also a trend channel line that represents potential resistance above $37.05.

Bullish Measured Moves

As of today’s high, the price of silver was up by $8.58, or 30.1%, from the April swing low at $28.32. On a percentage basis, that measured move shows a relationship with the two prior strongest rallies since February 2024. However, each showed slightly stronger performance than the current advance, so far. From August 2024 there was a 31.7% rise and from February 2024 the price of silver rose by 35.9% before seeing a more significant pullback.

Buyers In Charge Unless $35.91 Support Fails

Monday’s higher daily low at $35.91 I near-term support for silver. The near-term uptrend is retained above that price level, while a drop below it could lead to a deeper retracement. Although there are potential upside price targets discussed above, they are only a guide as to what might happen. New price action needs to be consistently assessed to identify changing support and demand dynamics. The next decision point will be whether resistance is seen around $3.05, or whether there are signs of an upside breakout, and therefore a continuation of the bull trend.

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