Silver Holds Ground as Technicals Signal Caution and Fundamentals Remain Strong

Silver traded near $36.00 per ounce on June 23, 2025, as shown by official spot price data and confirmed by the latest trading charts.

The market moved sideways over the last 24 hours, with the price rebounding from a low of $35.61 but unable to break above resistance at $36.32 and $36.64.

This price action followed a sharp drop from last week’s high of $37.30, which marked a 13-year peak for the metal. The four-hour and daily charts reveal a market under short-term pressure.

On the four-hour chart, silver trades below the 50-period EMA, with the MACD negative and the RSI near 41, indicating weak momentum and a lack of immediate buying interest.

The price action remains capped by the 50 EMA, which acts as dynamic resistance. The daily chart, however, shows the longer-term uptrend remains intact, with price still well above the 200-day moving average.

The daily RSI has cooled to 59 from overbought levels, and the MACD, while still positive, is beginning to flatten. Bollinger Bands on both timeframes show volatility has contracted after last week’s surge, reflecting the current consolidation phase.

Silver Market Update

Market fundamentals continue to support silver’s elevated levels. The global supply deficit persists for a fifth year, with industrial demand—driven by electronics, solar, and electric vehicles—outpacing modest growth in mine output.

Data from the first quarter of 2025 confirm record solar installations in China and Europe, further boosting demand for the metal. Despite these supportive fundamentals, recent days have seen ETF inflows slow and even reverse.

The iShares Silver Trust (SLV) reported a net outflow after a period of strong accumulation. This shift suggests institutional investors are locking in profits amid heightened volatility and uncertainty.

Macroeconomic conditions remain a critical backdrop. The U.S. national debt surpassed $37 trillion this month, raising concerns about fiscal sustainability and future inflation. These worries have kept investor interest in precious metals high, even as the Federal Reserve’s policy outlook remains uncertain.

However, the recent strengthening of the U.S. dollar has offset some of the safe-haven demand that might otherwise have driven silver higher, especially after the U.S. bombing of Iranian nuclear sites over the weekend.

While the strike initially sparked a brief uptick in precious metals, the dollar’s rally quickly capped gains, and silver’s reaction proved muted compared to gold. The story behind the figures is one of a market at a crossroads.

Technical signals point to short-term caution, with momentum indicators flashing warning signs and resistance levels holding firm. At the same time, the underlying supply-demand imbalance and persistent macroeconomic risks continue to provide a floor for prices.

The next decisive move will likely depend on whether silver can break through resistance at $36.32 and $36.64 or if further ETF outflows and profit-taking drive a deeper correction below $35.61.

For now, silver remains caught between strong fundamentals and technical hesitation, with traders watching closely for the next catalyst.

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