Silver steadies at $36.31 as 100 EMA, Fibonacci floor cushion Wednesday decline
Silver pulls back from multi-year highs
Silver is beginning to cool off from its sharp rally earlier in the week that saw prices climb to over a decade high at $36.88. The strong upward momentum started on Monday and extended through Tuesday’s early session, supported by sustained investor appetite for metals. However, silver was unable to capture the psychological $37 level. By Tuesday, price action turned bearish as traders booked profits, dragging the metal lower from its recent peak.
• Silver pulled back after failing to hold above the $37 mark on Tuesday
• The $36 support held firm during Wednesday’s European session rebound
• Price action currently sits between key Fibonacci retracement levels of the weekly swing
This retracement continued into Wednesday. Silver opened today’s session at $36.54 and moved sideways through the Asian hours with limited volatility. A more decisive move unfolded in the European session where silver dropped sharply, breaking below the previous day’s low at $36.31 and briefly touching $36, the same level where trading opened for the week. This meant that silver temporarily erased all gains accumulated so far this week.
Silver price dynamics (June 2025). Source: TradingView
However, technical support at the $36 zone proved strong. On the one hour chart, the 100 EMA coincides with the psychological level and helped absorb the selling pressure. From this support base, silver rebounded to trade around $36.31 during the ongoing European session. Despite an ongoing 0.7% loss at today’s current price, the week maintains a 0.8% gain
Traders eye renewed move toward $36.88 high if rebound extends beyond $36.31
From a Fibonacci standpoint, the current price sits between the 50% and 61.8% retracement levels of the recent swing from $35.81 to the weekly high at $36.88. This suggests that the current pullback still fits within a healthy retracement structure, and not necessarily a reversal of the broader bullish move.
If the rebound from the $36 level continues, silver could recover its earlier losses and revisit $36.88. On the other hand, if sellers re-enter the market, the next support to monitor lies at the 61.8% Fibonacci level, followed by the 78.6% level. The latter coincides again with the 100 EMA and the week’s opening price, which reinforces this zone as a critical technical floor.
Given this confluence of technical support, silver may struggle to turn decisively bearish this week unless a strong break below the $36 zone occurs. Until then, traders are watching to see whether this rebound attempt develops into a fresh push higher.
Silver rallied to $36.88 after a 3-day climb but stalled due to fading buying volume. The rally lost steam as dollar strength pressured price while momentum showed early signs of exhaustion.
