Silver Holds Steady as Supply Deficit and Technical Signals Shape Market Mood

Silver prices opened June 24, 2025, at $36.13 per troy ounce, holding near multi-year highs as the market continues to digest a persistent global supply deficit and shifting investment flows.

Official data from Trading Economics confirms silver’s price gained 0.06% from the previous session, capping a month where the metal rose more than 8%. In the past 24 hours, prices oscillated in a tight range between $35.59 and $36.19.

The $35.90 level acted as a critical support. Charts from TradingView show the daily candlestick closing slightly lower, with the price stabilizing above its 50-day and 200-day moving averages.

The Relative Strength Index (RSI) on the daily chart cooled to 58.8 after peaking above 67 last week, signaling the market has moved out of overbought territory but remains in bullish territory.

The MACD histogram has flattened, with a subtle bearish crossover, while Bollinger Bands show price consolidating near the upper band, reflecting waning upward momentum.

On the four-hour chart, silver continues to trade sideways, with the RSI hovering near 43 and the MACD marginally negative. These indicators suggest a pause in the rally, with traders awaiting a decisive move.

Silver Market Holds Key Range as Fundamentals Remain Strong

The $35.73–$36.09 range has become a battleground, with any break below $35.35 likely to trigger further selling, while a push above $36.37 could reignite bullish momentum.

Fundamentals remain robust. The Silver Institute and Metals Focus project a fifth consecutive year of global supply deficit in 2025, with demand expected to reach 1.2 billion ounces.

Industrial fabrication, especially for solar panels and electric vehicles, is forecast to exceed 700 million ounces for the first time. Mine output, however, continues to lag, with 2025 production projected at 835 million ounces—a 7% drop from a decade ago.

This shortfall has forced the market to rely on dwindling above-ground stocks. Investment flows reinforce this narrative. Silver ETFs have seen assets under management surge by over 125% in the past year.

Net inflows have outpaced gold ETFs for three consecutive months. Indian silver ETFs alone attracted nearly three times the inflows of gold ETFs in May, reflecting growing retail and institutional interest.

Macroeconomic factors also shape the landscape. US tariff policies and geopolitical uncertainty have fueled short covering and increased deliveries into CME warehouses, while high lease rates in London signal tightness in physical supply.

The gold-silver ratio remains elevated, suggesting silver may still be undervalued relative to gold. In summary, the silver market’s story over the past 24 hours is one of consolidation atop strong fundamentals.

Technical indicators point to a market in wait-and-see mode, with support at $35.90 and resistance at $36.37 dictating near-term direction.

As supply constraints persist and industrial demand grows, the market’s underlying tone remains firm, even as momentum traders pause to assess the next move.

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