Silver Price Surges 3%, Re-challenges $61...A Signal for a Safe-Haven Rally?

▲ Silver/AI-generated image

Silver prices jumped over 3% to $58.92, once again highlighting the possibility of breaking the psychological resistance level of $60.

According to BeInCrypto, a cryptocurrency-focused media outlet, on July 28 (local time), silver prices rose near multi-year highs as safe-haven demand surged amid escalating tensions between the US and Iran. Spot prices, which had fallen to around $58 at the beginning of the week, subsequently surpassed $59.

Concerns surrounding the Strait of Hormuz and rising oil prices also supported the precious metals market. Investors are also closely watching US inflation data and statements from Federal Reserve (Fed) officials. While industrial demand influences silver's long-term outlook, the recent upward trend has been driven by safe-haven buying.

Technically, the $56-$58 range has been presented as a key support level. As silver prices remain above this range, buying interest continues. Analysis suggests that if geopolitical tensions escalate further, prices could re-approach the recent high of around $61.

On the other hand, CoinCodex predicted that selling pressure would intensify starting from the second half of this year. The expected range for July was $45.84-$57.67, with an average price of $51.75. The average price was expected to drop to the mid-$40s in August and around $35 in September. It was suggested that prices could fall to about $32 in October and November.

The outlook for 2027 is even more conservative. The average price was expected to fall below $26 in January, then drop to the low $20s by spring. The expected average prices for June and July were $15-$17, the lowest during the forecast period.

[Article Key Summary]

-Silver prices surged over 3% to $58.92 due to safe-haven demand.

-With the $56-$58 support level holding, $60 and the recent high of $61 have emerged as key price levels.

-CoinCodex predicted that a correction would begin in the second half of this year, with average prices falling to $15-$17 by June-July 2027.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*