Usman Salis
Silver (XAG) recent price action tells an interesting story. After getting hit hard by sellers, the metal bounced right back, showing that plenty of buyers are still willing to step in when prices drop. This quick recovery suggests the market isn't done with silver yet.
Chart Breakdown: What Happened
Prices fell to around $1,460–1,470 per kg before finding their footing. By October 3rd, silver had climbed back to roughly $1,524 per kg (about $47.40 per ounce), basically wiping out the previous day's losses. According to trader The Old Pretender, this sharp rebound points to genuine demand from physical buyers.
The overall trend still looks positive, with key support zones holding up and price momentum tilting upward.
Key Levels and Signals
There's solid buying interest showing up near $1,460–1,470 per kg, which seems to be acting as a floor. The next hurdle sits at $1,530 per kg. While volatility has picked up and trading has gotten more active, dips keep getting bought up pretty quickly.
What's Driving Demand
Several factors are keeping silver attractive. It's still seen as a hedge against inflation and economic wobbles. At the same time, industrial demand keeps growing - think solar panels, electronics, and electric vehicles all needing more silver. Long-term investors are also stacking physical metal as a way to protect their wealth.
What's Next
If silver breaks above $1,530 per kg, we could see more upside as technical traders gain confidence. That said, keep an eye on U.S. interest rates and inflation numbers, since those will likely steer short-term price moves.
Usman Salis
