The White Metal Rally: Silver Breaks Out to New Highs

Silver hits an multi-year high following footsteps of Gold.It hit an intraday high  of $37.62 and is currently trading around $37.58.

For the week finishing July 5, 2025, initial jobless claims in the United States dropped by 5,000 to 227,000, marking the fourth straight weekly drop and reaching a seven-week low, sharply below the predicted 235,000. Although this positive indication was somewhat powered by fewer-than-expected automotive plant closures on the July Fourth vacation, ongoing unemployment claims increased by 10,000 to reach 1,965,000—the highest level since November 2021. This points to a mixed labor market scene where layoffs are lowering yet new hires might be slowing, therefore increasing the number of people still receiving unemployment benefits.

Trading Strategy and Key Levels for Silver

The commodity is trading above the short-term (34 and 55 EMA) and long-term moving average (200- EMA) in the 4-hour chart. The near-term support is around $36.25 and any violation below will drag the commodity to $35.47/$34.80/$34.40/$33.80. The immediate resistance is at $37.65; any breach above targets $38.50/$40/$40.45.

It is good to buy on dips around $36.60 with a stop-loss at $35.47 for a TP of $38.50/$40.