The price of silver has shown some initial rejection at a resistance level from 2024.
The price of XAGUSD has hit a strong resistance level around the $39 level which lines up with the resistance from May and October 2024. This is now a key level to watch in the current uptrend.
The landscape has become confusing for precious metals traders as the war theme flips, and the economic picture on themes such as tariffs are also changing.
Some of the latest news headlines have included the story that US President Trump will fire the Federal Reserve Chair Jerome Powell. This is another example of headlines that move the market, reverse, and resurface. Traders in precious metals are not selling off on particular headlines, as they are changing from week to week.
Like cryptocurrencies, the anti-dollar rally in silver is being accompanied by big speculation in ETF investments. During the first half of 2025, silver ETF inflows surpassed the total value of 2024. The average annual price of silver rose 25% during the first half of the year, which was in line with the 26% increase in gold.
Throughout the first half of 2025, 95 million ounces of silver flowed into ETFs globally. That was enough to move global fund holdings to 1.13 billion ounces, the Silver Institute said. The silver rally has also led to an all-time high of $40 billion in ETF holdings in silver.
The trends are in place for silver, but investors should watch the current resistance as a very important level for the future path.
