Usman Salis
⬤ Silver (XAG/USD) just keeps pushing higher. Deliverable spot silver in Shanghai is now trading at a $5 per ounce premium compared to Comex deliverables, which has definitely caught the attention of silver bulls everywhere. In the most recent session, silver bounced around between $70.17 and $72.68 before landing near $71.81 – that's a solid 0.49% gain for the day.
⬤ Looking at the daily chart, you can see how silver broke free from its late October-November consolidation zone and hasn't looked back. The price is comfortably riding above its moving average, carving out a clean pattern of higher highs and higher lows since autumn. Right now, it's testing the upper boundaries of its current range around the $71-72 level, and the uptrend looks pretty solid.
⬤ The ADX indicator sitting at 49.81 confirms what the price action is already showing – this trend has real strength behind it. That $5 Shanghai premium isn't just noise either. It points to genuinely strong demand in the local market compared to Comex, which could be driven by supply-demand imbalances, storage quirks, or delivery conditions specific to that region.
⬤ Here's why this matters: silver sits at the crossroads of being both a precious metal and an industrial commodity. When you see this kind of gap between regional spot markets, it usually means something real is happening with underlying demand. The combination of rising prices and that chunky Shanghai premium suggests both momentum traders and physical buyers are on the same bullish page right now – and that alignment could keep pushing sentiment and liquidity in silver's favor as the market watches both price strength and physical delivery trends.
Usman Salis
