Silver markets showed strong upward momentum on Thursday, pressing against recent resistance levels and signalling renewed bullish interest.
The market is currently testing resistance formed by last Friday’s shooting star candlestick. A decisive breakout above that level could clear the way toward the $35 area. Despite the short-term test of resistance, the longer-term trend remains constructive, with established support zones around $32.35 and $32 likely to act as reliable buying opportunities on pullbacks.
Silver often moves in tandem with gold, so traders should watch both metals for confirmation. Early futures traded gold a bit softer, but silver’s current strength suggests market participants are more inclined to buy dips rather than initiate short positions. Managing risk around the identified support levels and watching for a confirmed breakout above the recent resistance will be important for anyone considering a bullish stance.
In summary, silver’s intraday strength is testing a key resistance area. A successful breakthrough could target $35, while support near $32.35–$32 offers potential entry points on any retracement. Monitor gold for correlation signals, but the prevailing sentiment favors buying on declines rather than aggressive shorting.