by Jesse Colombo, Silver Seek:
Silver is making a strong comeback at the start of 2025, following a challenging year-end performance in 2024.
There is good reason to suspect that bullion banks have deliberately driven gold and silver prices lower at the close of 2024 to “paint the charts” and influence the yearly closing prices.
This tactic seems plausible, given the solid gains in gold and silver posted throughout the year—26% and 21%, respectively. With the new year underway, the stage is set for the gold and silver bull market to regain momentum and potentially exceed last year’s performance.
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Although silver broke below its uptrend line on December 18th, it appears to have formed a double bottom and rebounded off the downtrend line that began in May.
To confirm that the sell-off is truly over and silver’s rally is ready to resume, I would like to see it close back above the uptrend line, effectively negating the December 18th breakdown. Following that, a convincing close above the $32–$33 resistance zone—an area that has posed a significant challenge for the past seven months—would strengthen the bullish case.
If silver can sustain a close above this key level, it should pave the way for a rally to $35, $40, and ultimately higher.
While silver has remained stagnant since late October, there’s reason to believe this is merely another consolidation phase, similar to those seen a year ago and during the past summer.
If history repeats itself, and a breakout occurs, silver could be poised for another strong rally, just as it did following the previous consolidation periods.
I closely monitor gold, as it, along with copper, plays a significant role in influencing silver prices.
Currently, COMEX gold futures are trading within a range of $2,550 to $2,800. To confirm that gold’s bull market has resumed, a decisive, high-volume close above both the triangle pattern and the $2,800 resistance level is necessary.
Such a breakout would likely propel gold to $3,000 and beyond in short order, which would prove very beneficial for silver as well.
In addition to gold, I closely monitor the price of copper, as it significantly influences silver’s performance.
For silver to gain meaningful bullish momentum, a strong rally in copper is likely necessary. Currently, copper is hovering near its key $4 support level, and a rebound from this point would be a positive signal. If copper can successfully rally, the next critical test will be the $5–$5.20 resistance zone.
