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Silver Poised for Bullish Continuation Above $39.53, Key Support at $37.00

Kelvin Wong

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This is a follow-up analysis and update of our prior report, Chart of the day – Potential bullish acceleration for Silver (XAG/USD) published on 18 June 2025.

Silver (XAG/USD) has staged the expected rally of 7.1% from 18 June 2025 to hit the predefined resistance of US$39.08 (printed a 14-year high of US$39.53 on 23 July) before it staged a corrective decline of -8.39% to hit an intraday low of US$36.21 on 31 July 2025.

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Preferred trend bias (1-3 weeks)
Key elements
Alternative trend bias (1 to 3 weeks)

Let’s now examine its latest medium-term multi-week directional bias from a technical analysis perspective.

silver poised for bullish continuation above 3953 key support at 3700 grafika numer 1 ✕

Preferred trend bias (1-3 weeks)

The minor corrective decline from the 23 July 2025 high is likely to have ended, and Silver (XAG/USD) is likely in the process of shaping a potential new bullish impulsive upmove sequence within its medium-term and major uptrend phases.

Bullish bias with key medium-term pivotal support at US$37.00 and a clearance above US$39.53 sees the next medium-term resistances coming in at US$40.85 (Fibonacci extension and upper boundary of medium-term ascending channel from 7 April 2025 low) and US$42.14/42.74 (Fibonacci extension and upper boundary of long-term secular ascending channel from March 2020 low)

Key elements

The 31 July 2025 low of US$36.21 confluences with the 50-day moving average and the lower boundary of the medium-term ascending channel from the 7 April 2025 low.
The 4-hour RSI momentum indicator has continued to exhibit a bullish momentum condition and has not reached its overbought region (above 70 level).
The relative strength chart of the Silver/Gold ratio has continued to trend steadily upwards since 4 August 2025, which suggests further medium-term outperformance of Silver against Gold.

Alternative trend bias (1 to 3 weeks)

A break below the US$37.00 key support invalidates the bullish scenario to kickstart another corrective decline sequence to expose the next medium-term support at US$35.45, and below it triggers a deeper slide to test the US$34.13 long-term pivotal support.

Kelvin Wong

Based in Singapore, Kelvin Wong is a well-established senior global macro strategist with over 15 years of experience trading and providing market research on foreign exchange, stock markets, and commodities. Passionate about connecting the dots in the financial markets and sharing perspectives around trading and investment, Kelvin Wong is an expert in using a unique combination of fundamental and technical analyses, specializing in Elliott Wave and fund flow positioning, to pinpoint key reversal levels in the financial markets. In addition, over the last ten years, Kelvin has conducted numerous market outlook and trading-related seminars, as well as technical analysis training courses, for thousands of retail traders.

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