Silver Holds Strong as Buyers Defend Dips – Eyes on $40 Breakout

The silver market is holding firm as it continues to attract dip buyers, with the psychologically significant US$40 level acting as short-term resistance. Despite an early Thursday pullback, sentiment remains bullish for the medium to long term as silver consolidates near decade highs.

Technical signals from Wednesday’s session, including a shooting star candle formation, suggest temporary exhaustion. However, traders appear poised to capitalise on any pullback, with strong support seen around US$37.50 – a level that previously acted as resistance.

A clean breakout above US$40 would be a major bullish development, opening the door for a potential move to US$42.50 based on recent consolidation patterns. Continued weakness in the US dollar could further support upward momentum.

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Silver at a glance:

• Resistance: US$40
• Support: US$37.50
• Breakout target: US$42.50
• Sentiment: Bullish on dips
• Catalyst: USD weakness

As silver continues to play a vital role in both industrial and monetary demand, we see this consolidation as a healthy setup for the next leg higher. For those seeking to accumulate, dips remain an attractive entry point.

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