Silver dips for third straight day trimming June gains despite weak dollar
Silver slips below $36 as bearish momentum builds
Silver is heading into Thursday’s U.S. session under pressure, recording its third consecutive day of losses following a retreat from its recent 13-year high.
Despite dollar weakness in recent days, silver's price action has turned bearish again, wiping out earlier gains recorded this June and dragging the weekly performance into negative territory.
Highlights
-Silver reversing weekly gains and trims monthly performance to 8.8%
-Price breaks below EMAs on 1-hour chart confirming near-term bearish structure
-A close below $35.45 could accelerate decline toward $35 psychological support
Thursday’s decline picked up pace during the European session after a muted Asian open. Volume increased during the slide, and silver reached a five-day low at $35.45. This marked the lowest point in nearly a week and the first significant test of the 50 EMA on the 4-hour chart, which has acted as support.
Silver price dynamics (May - June 2025). Source: TradingView
Although a mild recovery followed, the price has only managed to return to $36. That recovery attempt appears fragile and is already facing resistance at the previous day’s low. The 100 EMA on the 1-hour chart now reinforces this resistance, limiting the potential for any near-term rebound.
Silver's hourly chart shows bearish structure after break below key EMAs
Intraday structure is also weakening. Silver has broken below the 20, 50, and 100 EMAs on the 1-hour chart. This loss of momentum on multiple timeframes is a concern for bulls, especially as each attempt at recovery continues to get rejected near old support zones. Silver is down 0.87% so far today, dragging the weekly performance into negative territory at a loss of 0.22%. The month-to-date gain has now narrowed to 8.8%.
The near-term path will likely depend on whether silver can reclaim the $36 level. A sustained move above that area could push the week back into gains territory and potentially reverse today’s losses. However, if the price fails to overcome resistance and falls below the day’s low at $35.45, that opens up room for further weakness. The next key level to watch would be the $35 psychological area, which could act as a magnet if bearish momentum builds into Friday.
Overall, silver’s recent price structure has shifted in favor of sellers despite a broadly weaker dollar. Unless buyers reclaim control above the short-term EMAs, the risk for continued weakness remains elevated into the close of the week.
Silver lost steam after hitting a decade high as sellers stepped in near $37. Fibonacci and 100 EMA held the dip steady as bulls regrouped near $36.
