Spot Silver

Spot silver surged through its 50-day moving average and closed above a major prior top, strengthening the case for an improving technical backdrop. Traders are now watching whether support near the breakout area holds or whether profit-taking reveals the move was driven mainly by short covering.

Silver is easing after touching its highest level since July 6, with the failed move above the 50 day moving average raising concerns that the rally may have trapped late buyers. Traders are watching Friday payrolls data for clues on the dollar, rate expectations and whether support can hold.

Gold and silver are pushing higher as technical buying returns and geopolitical developments reshape near-term risk sentiment. Traders are watching $4,200 for gold and $64 for silver as key resistance levels that could define the next major move.