Silver Holds Firm Near $38.93 as London Holiday Thins Pricing; Flows Steady

CME Group quotes, the ICE/IBA LBMA calendar, UK government bank holiday notices, the Federal Reserve, the CFTC, iShares, and Sprott anchor today’s data.

The attached TradingView chart (Capital.com feed) shows spot silver at $38.93/oz at 06:22 UTC. The LBMA Silver Price auction does not run today because of the UK Summer Bank Holiday.

COMEX futures continue trading on CME Globex. Over the last 24 hours, price consolidated Friday’s jump and held above the late-week breakout area.

The 4-hour chart in your image closed at $38.93 after printing higher highs. Liquidity stayed patchy during Asia and early Europe because the London benchmark is offline on UK holidays, shifting price discovery toward OTC quotes and COMEX.

Macro drivers remain straightforward. Chair Jerome Powell’s Jackson Hole remarks posted on the Federal Reserve website stressed evolving labor risks and data dependence; traders now watch this Friday’s BEA PCE release on the official calendar.

Those events keep rate-sensitive precious metals supported while liquidity is thin today. Flows do not show a fresh catalyst yet. The iShares Silver Trust (SLV) reports 491,546,854 oz in trust as of Aug 22, 2025.

The Sprott Physical Silver Trust (PSLV) shows 194,823,220 oz and 566,163,360 units outstanding, as of Aug 22, 2025. The latest CFTC Commitments of Traders report is dated Aug 19, 2025 for COMEX Silver; it remains the most recent official positioning snapshot.

Fundamentals still lean tight. The Silver Institute’s World Silver Survey 2025 projects another market deficit in 2025, with robust industrial demand led by photovoltaics offsetting softer jewelry and silverware.

Metals Focus, which researches the Survey, describes the fourth successive sizable deficit into 2025. These are structural, not headline, forces and they help explain why dips attract hedging and inventory demand.

Technical picture stays constructive. On the 4-hour chart, RSI near 68 signals strong momentum but not an extreme. MACD sits above zero with a positive cross, and price rides the upper Bollinger Band, which confirms a volatility expansion after the breakout.

On the daily chart, RSI near 61 shows room to extend, while MACD has turned positive with a rising histogram. Price holds above clustered moving averages, keeping trend control with buyers.

Immediate resistance sits near the prior swing around $39.15–$39.20 on your chart; first support appears around $38.20–$38.50. The yellow “Global Liquidity Index NDQ” line on your chart slopes sideways near recent highs.

That visual points to a neutral-to-supportive liquidity backdrop in the short run; it does not replace official benchmarks, but it corroborates why the breakout has not faded in thinner conditions.

Bottom line for merchants and hedgers: with London’s benchmark paused today, CME trading and OTC flows anchor discovery; structural deficits and firm momentum argue to respect support while monitoring Friday’s official PCE print for macro confirmation.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error

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