Is the Breakout Coming After the Breakout in Silver?

by Marcus Klebe
08:49, 2025/02/07

Is the Breakout Coming After the Breakout in Silver?

On January 30, 2025, I assumed that the silver price could break through the crucial $31 mark, making a breakout a realistic scenario. Now, silver is facing another significant threshold.

In 2024, the silver price formed three distinct peaks around the $32.20 level and subsequently fell by several dollars each time. With this price range being reached again, the justified question arises: Is this finally the breakthrough, or will it bounce back down?

From a macroeconomic perspective, and considering the correlation with gold— which is currently setting new all-time highs—a continuation of the trend seems quite realistic. Ideally, a further weakening of the dollar would support this scenario, with the control of the DXY playing a key role.

Technically, especially on smaller timeframes, there has already been a slight rebound, suggesting that a long breakout might be possible. I consider the $31.70 level as the decisive marker; holding above this level is my preferred bullish scenario.

Conversely, if the price falls below $31.70, the short side becomes more attractive—especially if there are indications of a stronger dollar once again.

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