Silver holds $65 support as analysts eye $70.87 resistance for next breakout

Key support level at $65 remains crucial

This rebound aligns with his view of a “fake breakdown,” but he stressed that an additional solid daily close is necessary to confirm sustained recovery. If silver falls below $65, this setup may lose relevance, opening the way for a drop toward $63 or even the psychological $60 level.

The same chart highlights a major resistance at $70.87. Before bulls can challenge this upper barrier, the price must first overcome resistance in the $67 region.

Recent trading patterns show these levels have served as decisive points. A climb above $67 would position bulls for a further test of the $70.87 resistance, where silver faced persistent overhead supply in August.

September outlook: Slow recovery expected

Fthegurus does not anticipate a rapid push toward $70 in September, calling the current environment a “grinding” phase with likely consolidation. He projects another retest near $65, followed by a gradual climb targeting $71 and $73 if support holds.

This outlook remains constructive as long as sellers fail to close the daily session below key support levels. However, repeated tests of support coupled with declining trading volume could put pressure on the current floor. A decisive close above $70.87 would signal a bullish breakout, potentially allowing sellers to capitalize in the $72–$74 range.

Longer-term perspective and market factors

Macro drivers shaping the silver market include supply constraints, industrial demand, investment flows, global geopolitical trends, and monetary policy. These elements contribute to long-term cycles but do not eliminate the risk of substantial drawdowns after major peaks.

Trendlines and short-term resistance

Rashad Hajiyev, another independent analyst, noted that previously reliable support levels have now turned into resistance. His short-term chart shows rejection at $67 forced XAG/USD below an important trendline, with a renewed bullish setup only possible if the price reclaims the $69 and $72 zones.

The next upward trigger appears near $67.30, while support remains strong at $65. A daily close below $63.08 could shift market focus to $60 or even the broader $54–$56 demand area.

Analysts continue to monitor whether buyers can defend the $65 support zone as silver attempts to form a base for renewed advances.