Silver price holds bullish structure despite dollar strength as ADP jobs data looms
Silver holds bullish trend
Silver is sustaining a bullish structure this week, forming a consistent pattern of intraday higher highs and higher lows. On Tuesday, the metal reached a new weekly high of $36.6 during the European session before pulling back into early Wednesday Asian sessions.
• Silver extends weekly gains to 0.8% after bouncing off $35.9 support
• Dollar rebound and tariff policy worries limit upside, but weekly trend stays bullish
• Focus shifts to ADP jobs data, which could either cap or fuel a breakout above $36.6
Silver retracement was partly driven by a rebound in the U.S. Dollar Index, which gained strength after snapping a seven-day losing streak that had taken it to its lowest point since February 2022. That dollar recovery acted as a short-term headwind for Silver.
Silver price dynamics (June - July 2025). Source: TradingView
However, the retreat found support near the 100 EMA on the hourly chart, which aligned closely with the week’s opening price at $35.93. This technical level helped cushion the decline and marked the point where silver reversed to resume its upward trend. Since the start of the European session today, silver has reclaimed the $36.2 level from the Asian session and has extended its daily gain to about 0.55%. The week-to-date performance also shows a net gain of 0.8%.
Silver volume declines today suggest fragile upside amid tariff uncertainty
Despite today’s rebound, volume has been thinning, indicating that buying interest may not be strong enough to carry price significantly higher without additional catalysts. The market appears hesitant due to ongoing uncertainty surrounding U.S. President Donald Trump’s tariff policies and the broader fiscal impact of his administration’s proposed tax and spending cuts. Additionally, traders are factoring in speculation that the Federal Reserve may resume rate cuts soon, which typically supports non-yielding assets like silver, though expectations are not yet firmly priced in.
The key level to watch in the short term is $36.6, the most recent high from Tuesday. A break above this level would signal further bullish continuation and confirm strong buyer interest. On the downside, initial support rests at $35.9, where the weekly rally found a base earlier today.
Attention now turns to today’s ADP Non-Farm Employment Change report, where a higher-than-expected result could lift the U.S. dollar and stall silver’s momentum. However, if the jobs data disappoints, it may reignite silver’s upward drive and fuel a fresh test of the $36.6 target.
Silver price gained as traders anticipated key U.S. data releases that could drive a breakout. Silver rose 1% and broke above recent consolidation, supported by higher volume.
