Silver prices jumped nearly 3% in trading as the precious metal broke decisively through its 50-day Simple Moving Average at $62.13 and reclaimed the psychologically important $63.00 level. The white metal is now testing critical resistance at $63.28, matching the peak reached on July 6, with analysts watching for a potential push toward $65.00 if bulls maintain momentum.
The technical breakout signals renewed buying interest in silver markets, which have lagged gold’s recent rally. Traders are closely monitoring whether XAG/USD can sustain positions above the 50-day SMA, a key indicator of medium-term trend direction. Failure to clear the July high could see prices pull back toward newly established support at the $62-$63 zone.
The move comes as precious metals broadly attract safe-haven flows and industrial demand speculation heats up. Commodity traders and forex desks should watch for volatility as silver approaches multi-week highs.
FXnCO Insight
Consider silver’s ability to hold above $62.13 as your signal for continuation higher, with stop-losses below this level protecting against false breakout risk.
Source: FXStreet