SLV

The iShares Silver Trust ETF remains caught inside a major long term retracement zone as buyers struggle to build momentum above key moving averages. Firm Treasury yields, a stronger dollar and lingering December Federal Reserve expectations continue to limit the recovery attempt.

Silver remains under pressure as the Dollar Index holds above a reclaimed technical level and Treasury yields continue to point to a restrictive rate backdrop. Cheaper crude has offered only limited relief, leaving sellers in control unless XAG/USD can recover key resistance levels.

COMEX registered silver has climbed as metal is reclassified for delivery, giving Western traders a looser inventory signal. In Shanghai, however, buyers are paying a steep premium, suggesting physical tightness has shifted east rather than vanished.