iShares Silver Trust (SLV) staged a sharp turnaround on Tuesday, rising more than 3% by late afternoon after a violent intraday selloff gave way to steady dip buying. The move highlighted renewed demand for silver-linked assets, with buyers stepping in once key support levels were tested and held, mirroring strength seen across broader commodity and metals markets.
Market Snapshot
| Price | $79.28 |
| Day Change | +2.32 (+3.01%) |
| Previous Close | $76.96 |
| Day’s Range | $75.76 – $82.78 |
| Net Assets | $38.05B |
SLV opened the session sharply higher following overnight strength in silver prices, briefly trading above the $82 level. That early surge quickly attracted profit-taking, triggering a swift pullback that pushed the ETF down into the mid-$75 range by late morning. The speed of the drop suggested leveraged traders were trimming exposure rather than a broad exit from the silver trade.
Crucially, selling pressure began to fade as SLV approached the previous session’s closing level. Buyers stepped in around the $76–$77 zone, a level many traders view as a key technical reference point. From there, the ETF stabilised, formed higher intraday lows, and began a methodical climb back toward the $79 area through the afternoon.
The rebound in SLV came alongside renewed interest in precious metals as investors weighed inflation expectations, currency moves, and broader risk sentiment. According to pricing tracked by global silver spot markets , the metal itself showed resilience during the US session, helping reinforce confidence in silver-backed ETFs.
Support and Resistance Levels
| Resistance | $80.00 – $80.30 |
| Major Resistance | $82.50 |
| Initial Support | $76.90 – $77.00 |
| Downside Risk Zone | $75.10 – $75.50 |
From a broader perspective, Tuesday’s price action reinforced the view that silver remains in an accumulation phase rather than the early stages of a reversal. Similar late-day recoveries have also been visible in equity markets, including Canada, where a late-day rally in the TSX Composite reflected improving risk appetite.
As long as SLV continues to hold above the $77 support area, traders are likely to view pullbacks as opportunities rather than warning signs. A sustained move above the $80 mark would place renewed focus on the $82.50 region, which stands as the next major test for silver-linked assets.
