Silver just had its best week in months, up over 6%, now trading around $62.40 an ounce. It bounced back from a low that had been hanging around for sometime because the U.S. jobs data came in weaker than people expected. That pushed the dollar down, and when the dollar drops, metals like silver tend to pop.
Futures on COMEX also rose about 3.65 points over the week, which tells us buyers managed to defend that $60 level, a key floor.
On top of that, inflation is cooling and hiring is slowing, so the market isn’t as worried about the Fed hiking rates aggressively anymore. That takes pressure off silver.
But it’s not just that. Actual demand is real, silver goes into solar panels, electric cars, AI hardware, all that stuff. And supply isn’t keeping up, so that shortage keeps a floor under prices.
The big question now: can silver keep going from here, or will it run into a wall?
What you'll learn 👉
Silver Price Eyes Major Resistance as Market Memory Returns
The chart shared by Curious Macro Lens focuses on what traders call “market memory.” These are price zones where buyers and sellers spent enough time building positions that they often become important support or resistance later.
In silver’s case, the strongest memory zone is between $74 and $78, with another major area between $81 and $86.
We had a look at the chart and found the silver price trading near $62, well below both historical zones. That leaves a large gap between today’s market and the areas where the biggest trading activity took place earlier this year. If buyers continue pushing higher, those previous trading ranges could become the first major barriers as older positions begin influencing price action again.
The recovery also comes from an area with relatively little trading history. That means the silver price is still establishing a fresh base after months of decline. If demand continues building above $60, the market could gradually work toward those higher memory zones over the coming weeks.
Analyst Expects Volatile Week for the Silver Price
Trader Bramesh Bhandari expects an unusually volatile week for the silver price. His outlook calls for heavy swings early in the week before a stronger rally develops during Tuesday and Wednesday as silver attempts to catch up with gold.
He thinks if buyers jump in too fast, the momentum indicators could flip into overbought territory pretty quick.
🚨 SILVER: THE HIGH-BETA NODE LIQUIDATION TRAJECTORY 🚨
— Bramesh Bhandari (@brahmesh) July 5, 2026
Silver is set for an extreme 3-act drama this week: Shakeout, Breakout, then Liquidation.
Act I (Monday): Brutal whipsaw and chaotic range expansion under Bayer Rule 40. Avoid early entries.
Act II (Tuesday-Wednesday):… pic.twitter.com/YGOQ8zNW9o
His outlook also warns that if we get a rally in the middle of the week, sellers might come in hard to cash out before the week ends. Now, part of his take is based on astrology, yeah, I know, but the core idea is something traders see all the time: when prices shoot up fast, they often come back down just as fast once people start taking profits.
News Pushing the Silver Price This Week
Inflation data remains the biggest macro driver. Upcoming U.S. Consumer Price Index and Producer Price Index reports could quickly change expectations for Federal Reserve policy. Cooler inflation would weaken the dollar and improve the outlook for the silver price, opening the door for a move toward the $65 to $70 region. Higher inflation would likely strengthen the dollar and create fresh pressure on precious metals.
Labor market data also remains important after June’s nonfarm payrolls report added only 57,000 jobs compared with forecasts near 110,000.
If job numbers keep coming in weak, people will start expecting the Fed to cut rates down the road. And when that happens, gold and silver usually do well, history shows that.
There’s also the usual geopolitical stuff stirring things up, especially in the Middle East, which keeps pushing people toward safe-haven assets.
On top of all that, factories aren’t slowing down, they’re still using up silver for solar panels, electric cars, chips, and AI gear. So demand from that side stays solid. Those sectors continue providing a solid source of physical demand.
Related Silver News: Peter Schiff’s Silver Price Prediction Was an Epic Fail – Bitcoin Maxis Are Loving It
Where Will the Silver Price Go This Week?
The bullish case begins if the silver price extends above $63 and maintains strong buying volume. That could open a move toward $65, with $70 becoming the next major objective if inflation data supports additional dollar weakness.
The neutral case keeps the silver price trading between $60 and $63. Buyers have held the line so far, but don’t get too comfortable. If the next inflation numbers come in hot, that could keep silver from breaking out any time soon, markets want more clarity before they make big moves.
On the flip side, if inflation surprises to the upside or bond yields start climbing again, things could turn sour. In that scenario, silver might drop back down and test that $60 level again, the one that really matters. Losing that level could trigger another decline toward the mid-$50 region before buyers attempt another recovery.
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