Silver consolidates as speculative demand weakens
Silver is consolidating after the previous bullish scenario played out. Weakening speculative demand increases the importance of the $59.50–60 resistance zone.
Geopolitical tensions are no longer providing sustained support for silver. The metal is now behaving more like a cyclical industrial asset: escalation between the United States and Iran is pushing up energy prices and inflation risks while simultaneously weakening the outlook for global industrial activity. A further escalation could therefore become a headwind for silver rather than a safe-haven catalyst.
Futures-market positioning is also noteworthy. According to the latest CFTC data, open interest in silver increased by 1,387 contracts over the week to 106,410. However, speculators added 2,104 short contracts and only 495 long contracts. As a result, their net long position declined by 1,609 contracts to 23,465, indicating increased caution.
A decisive $60 breakout could extend the recovery
Scenario outlined in the previous analysis played out in full: silver moved above $61 before entering consolidation and giving back part of its gains.The key resistance zone is $59.50–60, where a local descending trendline is also located. A decisive breakout and sustained move above $60 would restore bullish momentum and open the way towards resistance near $61.50. This remains the base-case scenario for the coming week.
If buyers fail to clear the trendline, the consolidation could give way to another wave of selling. In this case, the next target would be support near $56.60.
Silver needs a break above $60 to restore bullish momentum
The reduction in speculators’ net long position points to growing caution among market participants. Silver must hold above $60 to extend the recovery, otherwise, support at $56.60 will return to focus.
Latest Silver News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
