Silver pushes past last week’s peak as Dollar weakness fuels third-day rally

Silver price continues its bullish charge on Monday, building on last week’s powerful upside move to a 13-year high.

After recording a 9% gain in the previous week, silver opened the new week strongly near the psychological level of $36 and pushed to an intraday high of $36.40, breaking above last week’s peak at $36.32. As of the European session, price has eased slightly to $36.27, but still holds a 0.8% intraday gain.

• Silver extends rally to 13-year high in early Monday trade.
• Dollar weakness adds fuel to silver’s upward momentum.
• Third straight bullish session keeps silver’s breakout intact.

This is now the third straight trading day silver has posted bullish price action. If today closes in the green, it would mark a third consecutive upclose, reinforcing bullish sentiment despite technical indicators showing overbought conditions. The ongoing strength in silver suggests that traders are looking past near-term exhaustion in favour of broader macro drivers.

Silver price dynamics (Nov 2024 - June 2025). Source: TradingView

A key catalyst today is the weakness in the U.S. dollar. The greenback is falling to start the week, failing to hold onto the gains from Friday’s stronger-than-expected U.S. jobs report. That data provided temporary support to the dollar, but it has not carried into Monday. As the dollar pulls back, silver has found additional support, consistent with the historical inverse correlation between the two assets.

Silver targets $37 next as bullish structure holds firm above $36 support zone

Technically, momentum may look stretched, but the bullish structure has not broken. Buyers are still defending higher levels, and price continues to register new intraday highs. The next upside target is located near the psychological resistance at $37. That level may come into view if the dollar weakness persists and safe-haven flows favour precious metals.

However, traders should monitor geopolitical headlines, especially from U.S.-China trade developments. Any sign of positive progress could support the dollar and risk assets broadly, which might slow down silver’s upward path.

Until then, silver is holding firm near multi-month highs, riding the back of dollar softness and three days of upward price action. Monday’s close will be key to confirming whether this breakout run has more room to extend toward the $37 resistance.

Silver broke into a 13-year high near $36.20 despite the overbought RSI. Price climbed 10% this week even as the U.S. dollar rebounded.