Silver

Key insight

Silver surged from $57 lows to $62+ in days on Hormuz optimism and a dovish Fed re-pricing, but today's -1.33% pullback reflects profit-taking ahead of Friday's July Non-Farm Payrolls — the next major catalyst that will determine whether the rally resumes or stalls.

Silver is holding above the key mid-$57 structural support zone and has rallied sharply from that base, with the Hormuz shipping corridor deal and softening Fed rate-hike expectations providing near-term upside catalysts toward the $65–$67 resistance cluster.

Main risk

July Non-Farm Payrolls (Friday)

A strong NFP print above 150K could re-ignite Fed rate-hike expectations, driving the USD higher and pushing silver back below the $59.50 short-term pivot support.