SLV continues to trade within a strong uptrend, supported by a weakening US Dollar, rising US deficit spending, and growing market uncertainty. Similar to trends observed in precious metals and Bitcoin, the move away from US Treasury Bonds has been a significant bullish catalyst for these assets. Recently, silver prices surged to their highest level in nearly 14 years, and we anticipate further upside potential.
Since reaching a low of $26.57 on April 4th, 2025, SLV has been moving within a well-defined upward trending channel. On July 23rd, it posted a new higher high at $35.91, which was met with resistance near the top of the channel at $36.00. This rally was accompanied by a daily RSI reading above 70 and a breakout above the upper Bollinger Band at $35.80 — factors that naturally triggered a short-term pullback heading into Friday’s close.
Since then, price action has retraced toward the lower boundary of the channel, now at $34.50, while the daily RSI has returned to long-term trendline support around 57. The upper Bollinger Band has since shifted higher to $36.14. With these technical indicators in place, we anticipate a breakout above the $36.00 level in the near term. As long as SLV holds above $34.00, we maintain a bullish outlook with expectations for continued new highs.
