This week’s economic calendar features several high-impact U.S. releases—including PPI and unemployment claims on Thursday—plus Friday's UK GDP report, all of which could influence near-term price action. Technically, silver’s strong upward trajectory since December 19, marked by a failure swing reversal and a “Golden Cross,” underlines persistent bullish sentiment. Momentum indicators like the RSI and the oscillator above 100 further confirm buying pressure. A breakout above the 33.387 resistance could trigger a notable rally, although traders should also watch the identified downside support levels if selling pressure emerges. Fundamentals remain supportive, with softer U.S. inflation data bolstering industrial demand and compressing the Gold/Silver Ratio to its lowest point since the New Year.
Overview
This week’s economic calendar features several high-impact U.S. releases—including PPI and unemployment claims on Thursday—plus Friday's UK GDP report, all of which could influence near-term price action. Technically, silver’s strong upward trajectory since December 19, marked by a failure swing reversal and a “Golden Cross,” underlines persistent bullish sentiment. Momentum indicators like the RSI and the oscillator above 100 further confirm buying pressure. A breakout above the 33.387 resistance could trigger a notable rally, although traders should also watch the identified downside support levels if selling pressure emerges. Fundamentals remain supportive, with softer U.S. inflation data bolstering industrial demand and compressing the Gold/Silver Ratio to its lowest point since the New Year.
Key Economic Events
Thursday 14:30 (GMT+2) - USA: PPI m/m (USD)
Thursday 14:30 (GMT+2) - USA: Unemployment Claims (USD)
Friday 09:00 am (GMT+2) - UK: GDP m/m (GBP)
Technical Analysis
Following a low of 28.738 on December 19, Silver has experienced a robust rally, climbing by over 15% and establishing a pattern of higher highs and higher lows, indicative of an upward trend. The initial reversal was triggered by a failure swing reversal formation, pushing prices above 29.889. Additionally, Silver's price action breached the 50-period Exponential Moving Average (EMA), reinforcing bullish sentiment and demonstrating growing buying interest. The formation of a "Golden Cross," where the 20-period EMA crossed above the 50-period EMA, further intensified buying pressure. Moreover, the Momentum oscillator ascended above the 100 threshold, and the Relative Strength Index (RSI) has consistently remained above 50, highlighting sustained buying pressure.
A decisive breakout above the 33.387 resistance level could lead to a significant rally.
Potential Upside Targets
Should the bulls maintain market control, traders may direct their attention toward the four potential res stance levels below:
33.387: The initial resistance is 33.387, which represents the peak marked February 14.
33.776: The second price target is identified at 33.776, corresponding to the weekly resistance, R2, estimated using the standard Pivot Points methodology.
34.304: The third target is established at 34.304, aligning with the 261.8% Fibonacci Extension drawn from 32.757 to 31.801.
34.796: An additional price target is estimated at 34.796, which corresponds to the weekly resistance, R3, calculated using the standard Pivot Points methodology.
Potential Downside Targets
Should the sellers take market control, traders may consider the four potential support levels listed below:
32.757: The first level of support is identified at 32.757, representing the peak reached on March 6.
31.801: The second support level is 31.801, reflecting the daily low from March 11.
31.502: The third support level is identified at 31.502, corresponding to the weekly support, S1, estimated using the standard Pivot Points methodology.
30.811: An additional downward target is observed at 30.811, corresponding to the daily low from February 28.
Fundamentals
Silver extended its gains on Wednesday, trading near a six-month high of $33.31 per ounce as lower-than-anticipated U.S. inflation data spurred a stock market rebound. The jump in Silver prices helped compress the Gold/Silver Ratio toward 88, the lowest level since January, down sharply from February’s 2.5-year high near 92. Demand for the industrially-useful metal strengthened despite a turbulent trade policy environment and changes to U.S. tariffs on Canadian steel and aluminum. While gold held steady around $2938, Silver’s performance reflected a detachment from previous market drivers, signaling potential resilience amid ongoing shifts in economic, trade, and varied geopolitical factors.
Conclusion
Silver’s bullish trend appears set to continue, buoyed by strong technical signals—such as the “Golden Cross” and robust momentum indicators—as well as supportive fundamentals highlighted by softer U.S. inflation data. With key economic releases on the horizon, a breakout above 33.387 could signal further gains, though traders should remain vigilant to downside risks and potential volatility from macro events.