Silver price jumps over 5% as buyers regain control
Silver surged more than 5%, approaching the psychological $60 level. Short covering and a breakout above a descending trendline have increased the probability of a move toward the $61.48 resistance level.
Silver rallied sharply following reports of renewed efforts to restart negotiations between the United States and Iran. Mediators are discussing a possible 10-day ceasefire aimed at restoring safe shipping through the Strait of Hormuz.
The rally also received support from short covering after a prolonged decline. As of July 20, silver had fallen about 4.5% since the beginning of the month and 19% since the start of the year, leaving the market vulnerable to renewed buying interest.
Investors are also returning to the long-term industrial demand story. Silver is widely used in electronics, energy infrastructure, and data center equipment, meaning continued investment in AI could support demand for the metal.
Breakout puts $61.48 resistance in focus
After testing the key $54.50–55.60 support zone, silver futures staged a strong rebound and climbed toward the psychological $60 level.
From a technical perspective, the rally accelerated after prices broke above a medium-term descending trendline near $56.50. Holding above this level confirms a strengthening bullish momentum.
The next upside target is $61.48. A decisive breakout above this level would increase the probability of a move toward the key $63.73 resistance, where the July 6 swing high is located.
Silver gains momentum as Gold/Silver Ratio declines
A decline of more than 4% in the Gold/Silver Ratio since July 20 suggests that silver has recently been outperforming gold.
The main driver of the move has been the metal's deeply oversold condition, which triggered short covering. However, the current rally should still be viewed as a technical rebound rather than confirmation of a sustained recovery.
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