After the Breakout: What’s Next for Silver?

While silver has been relatively quiet in recent weeks following its encouraging breakout, this doesn’t signal failure—rather, it looks like a healthy pause typical of low-volume summer trading.

On June 5th, silver finally broke above both the $32–$33 and $34–$35 resistance zones that had capped its upside for the past year, frustrating many silver bulls including myself. Despite that stagnation, I remained firmly bullish—as I explained in a recent report—and this breakout is a strong confirmation of that outlook. While silver has since paused, leading some to question the move, I believe it's likely just consolidating before its next leg higher. In this update, I’ll cover where silver and key related assets stand now, what to watch for, and what’s likely coming next.

Let’s start with the basics: the COMEX silver futures chart, which I closely monitor because it tends to respect $1 increments as key support and resistance levels. Two major resistance zones had capped silver’s progress for much of the past year—$32 to $33 and $34 to $35—until the breakout in early June finally pushed prices through those barriers.

That breakout drove silver as high as $37 before it pulled back slightly to the $36 area. This dip has been driven in part by weakness in related assets like gold and copper, as well as mounting geopolitical tensions involving Israel, Iran, and now the U.S. entering the picture. Unlike gold, which is purely a precious metal and safe haven, silver also responds to industrial demand and economic shifts, making it more sensitive to both fear and economic risk.

Still, despite this modest retreat, the breakout remains intact and technically strong. For now, I view the recent price action as a healthy consolidation. I’m not concerned—but I am watching closely for further confirmation, which I’ll detail in the next set of charts.

In addition to tracking COMEX silver futures, I also closely monitor silver priced in euros. This helps strip out the influence of U.S. dollar fluctuations and often provides a clearer view of the underlying trend. Euro-denominated silver also tends to respect key €1 increments—such as €30, €31, and €32—which often act as support and resistance levels.