Gold 
Silver prices continued to rise during July, breaking past various technical resistance levels and touching an intraday high of $39.91 on 23 July. Prices have backed down from these highs at the time of writing this report. That said, the trend for higher prices remains in place.
Silver prices have been trending higher since August 2022, with the trend steepening since February 2024. Silver prices had been struggling to break above the $35 level, in a sustainable fashion, for several months. Prices broke above $35 in June, and the gains were sustained, with prices then rising all the way up toward $39.91 on 23 July. If silver prices are able to remain above $35 it creates a higher base from which silver prices might propel themselves higher in the coming quarters. There is a dearth of confidence in the market in silver’s ability to sustain its gains, given its relatively weak performance compared both to gold as well as to its own historical levels.
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