Silver rally rises to over a decade high, recording strongest weekly gain since April
Silver hit a new decade high at $35.80
Silver price has broken decisively above its 2024 peak, extending a powerful rally that began at the start of the week.
After consolidating for multiple weeks in May, silver staged a breakout at the beginning of this week and today’s 3.85% intraday surge during the European session has pushed the metal to over a decade high at $35.80, its highest level since 2012. The breakout has lifted this week’s gain to 7.78%, marking the strongest weekly performance since April.
- Silver hit a new decade high at $35.80 following a 3.85% intraday surge
- Short-term RSI overbought while daily RSI still shows room for further gains
- All eyes on U.S. jobless claims to confirm if Silver breaks above $36.
The upside move today came after muted action during the Asian session and was backed by rising volume, an indication of growing bullish conviction. The rally pierced through the 2024 ceiling at $34.86 and now approaches the psychological threshold of $36. From a technical perspective, this area could draw short-term profit-taking. On the 4-hour chart, the RSI has already entered overbought territory and has started to pressure a minor pullback, trimming today's gains to 3.2% as the price stabilizes near $35.60.
Silver price dynamics (March - May 2025). Source: Tradingview
However, the daily RSI has yet to hit the overbought mark, suggesting that there may still be fuel left for a further push higher. This divergence between short and medium-term momentum indicators points to a temporary cooldown within a broader bullish trend. The expanding volume across the week also lends support to this outlook, as it reflects increasing participation in the upside breakout.
Silver’s reaction to U.S. jobless claims to decide short-term pullback or breakout
The market is now awaiting fresh direction from today’s U.S. unemployment claims report. The outcome could either stall or reinforce Silver’s advance. A reading below the 236K forecast would indicate improving labor market conditions, which could strengthen the U.S. dollar and weigh on Silver. On the other hand, if the jobless claims figure exceeds expectations, it would suggest deeper labor market weakness and could weaken the dollar, opening the door for Silver to resume its ascent.
The key price level to watch now is $36. Price is trading just below it after clearing the 2024 high and touching levels last seen in 2012. If the upcoming U.S. jobless claims data weakens the dollar, silver could retest or break through this level. But if the data supports the dollar, the current overbought 4-hour RSI condition could deepen the pullback. How price behaves around this $36.00 barrier will largely depend on the labor data’s impact on dollar strength.
Silver surged 5.27% to an eight-month high at $34.80 before stalling near decade-strong resistance. A rebound in the U.S. Dollar paused the rally as traders awaited key jobs data.
