Silver is Finally Breaking Out—Here's What You Need to Know
Silver surged to a 13-year high today, fueled by growing speculation of a potential silver squeeze and accelerating momentum behind the March 31st ‘Buy Silver Day’ movement.
Today was an exciting day for silver, which surged 2.52% and finally broke above the key $34–$35 resistance zone I’ve been watching for months—a level I’ve called the line in the sand to confirm a true breakout and the beginning of the next phase in the bull market. What makes this move even more compelling is that it’s happening just as momentum around the March 31st ‘Buy Silver Day’ is accelerating and gaining solid media attention, which may be playing a key role in pushing silver through this long-standing barrier. In this article, I’ll break down where silver stands now and what I’m watching next.
COMEX silver futures—the key benchmark I track rather than spot silver—finally closed above the critical $34–$35 resistance zone today on strong volume, marking a 13-year high. This breakout is a major technical milestone and exactly what I’ve been anticipating as the trigger for the next powerful phase of the bull market (learn more here). It’s a very bullish sign, but it’s important to note that COMEX silver futures must hold above the $35 level in order for the breakout to remain intact. A drop back below that threshold would invalidate today’s move—something worth mentioning given the persistent manipulation in the silver market, as I’ve recently discussed.
For added confirmation of silver’s price action, I also monitor silver priced in euros. This helps filter out the impact of U.S. dollar fluctuations, offering a clearer view of silver’s underlying strength. In euro terms, silver often respects key levels like €30, €31, and €32, which tend to act as well-defined zones of support and resistance.
I’ve been closely watching a triangle pattern forming in silver priced in euros, and today’s breakout above that pattern is a very encouraging sign—one that suggests this could be the long-awaited major breakout. For further confirmation, I’m now looking for a decisive close above €32, which marks the late October high and would solidify the move.
Also worth watching is silver priced in a basket of euros, British pounds, and Swiss francs. It’s currently testing a key resistance zone between 88 and 90, and while it appears to be breaking through, a decisive close above this range is needed for full confirmation of the breakout.