Silver Holds Steady Near $39 as Fundamentals Drive Relentless Uptrend

As of July 23, 2025, silver maintained its position near $39.25 per troy ounce according to the charts published by major exchanges and reporting agencies.

Markets reported robust trading activity across all key global hubs during the previous day and the night, reflecting persistent industrial and investment demand. The last twenty-four hours saw volumes staying at elevated levels, confirming continued interest.

The fundamentals hold center stage again. Demand from manufacturers of solar panels, electronics, and electric vehicles remains firm. Silver mine output still lags behind demand, with no signs of relief for supply tightness in the near term.

ETF flow data corroborates the story: while June and early July brought steady inflows to silver-backed funds, the most recent session showed slight outflows.

These minor ETF outflows coincided with a brief pause in upward price momentum and small instances of profit-taking among long-position holders during European and Asian trade hours.

Price movement across major venues—New York, London, Mumbai, and East Asian hubs—remained tightly linked. The London Bullion Market Association fixed the afternoon price yesterday at $38.47 per ounce.

The Indian market priced silver at ₹119 per gram, reflecting the international trend. Spot trading in East Asia remained vibrant throughout the night, with little dislocation from global benchmarks.

Technical analysis of the daily and four-hour candlestick charts confirms the uptrend’s resilience. The daily chart shows price action well above the 20, 50, and 100-period moving averages. These averages point upward and fan out in bullish formation.

Prices remain above the Ichimoku cloud, reinforcing the current bullish structure. The Relative Strength Index (RSI) for both timeframes reads above 69, flagging overbought conditions, but does not yet signal a reversal.

he four-hour chart displays a sequence of higher lows and higher highs, with Bollinger Bands expanding and prices hugging the upper band. This volatility expansion indicates strong, though potentially overextended, buying power.

Volume data backs this with consistent tallies through recent moves. The Moving Average Convergence Divergence (MACD) indicator remains positive, with the signal line below the MACD line.

The histogram shows some loss of momentum but not a clean crossover. Support can be identified near $38.70 and $38.10, aligned with key moving averages and the lower edge of recent consolidation ranges. Resistance persists at $39.30 and $39.50.

Analysis of the yellow Global Liquidity Index NDQ line shows that recent liquidity injections remain elevated and stable. This index reflects a sustaining environment for asset prices, making liquidity ample for metal demand.

Macro forces continue to support higher prices. Ongoing geopolitical tensions and recent fluctuations in currency markets add to safe-haven flows into silver. The US dollar’s softness gives further support.

The market reflects a classic squeeze. Supply cannot keep up with demand from industry and long-term investors. Volumes confirm the move, technicals underscore the uptrend, and fundamentals show no signs of shift.

The next days will test the strength of support at current levels should ETF outflows continue, but for now, the story remains tight markets and resilient demand.

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