OCBC’s Christopher Wong describes Silver as constructive with room for participation to build, as ETF holdings and managed-money positioning rise from light levels. Technical bias is mildly bullish, but momentum is fading near the 70.60–72 resistance band. A decisive break higher, likely requiring softer yields and a weaker Dollar, could open a move towards 80.30.

Mildly bullish but needs breakout

“Silver momentum has also eased alongside gold after the sharp rebound seen earlier in the month. Our weekly dashboard also noted that ETF holdings have picked up, while managed-money net positioning increased. Importantly, futures positioning remains considerably lighter than in gold, leaving more room for fresh participation if the precious-metals rally resumes.”

“The increase in speculative positioning appears to have been driven partly by short covering rather than aggressive new longs, suggesting conviction is not yet particularly stretched. That leaves scope for positioning to build further if the macro impulse turns favourable again.”

“Silver price action shows consolidation over the past week near important resistance. Mild bullish momentum on daily chart intact though there are signs of it waning while RSI is near overbought conditions.”

“We remain constructive, though a cleaner extension higher likely requires renewed weakness in yields, USD and a decisive break above the 70.60–72 resistance area.”

“A sustained break above this zone would provide stronger confirmation that the recovery has further to run, potentially towards 80.30 (38.2% fibo of 2026 high to low).”

“Support at 61.30 – 62 area (21, 50 DMAs) before 54-55 levels (2026 low). Recovery bias would be nullified on downside breach.”