Silver futures gap up 2.35% to $59.30 before fading to $57.94

Silver futures opened 2.35% higher at $59.30 on June 29 before reversing to close at $57.94, session data shows.

The session saw a high of $59.92 and a low of $57.91, with volume reaching 11,575 contracts, according to exchange data.

The opening gap of 2.35% marked a significant intraday range expansion for the contract. The close at $57.94 represented a full retracement, with the price ending essentially flat relative to the prior session's settlement. The intraday range of $2.01 between the high and low was among the widest in recent sessions, reflecting heightened volatility in the precious metals complex.

The failed breakout above $59 suggests resistance at that level remains intact. The price tested the $60 threshold intraday but failed to sustain momentum, closing below the psychologically important $58 level. The gap-and-fill pattern on June 29 shows the market's indecision, as buyers stepped in at the open but failed to hold gains through the session.

Volume of 11,575 contracts provides context for the day's price action. Compared to gold, which has held its ground near key support levels, silver's sharper intraday reversal suggests greater sensitivity to short-term positioning and momentum-driven flows. Silver's higher beta relative to gold means the metal tends to amplify both upside and downside moves in the precious metals sector. When silver gaps up and fails to hold, it often signals broader weakness in precious metals sentiment.

The $57.91 low of the session tested the lower end of silver's recent trading range. A close below $57 in the coming sessions would mark a breakdown from the range and could accelerate selling toward the next support level. Conversely, a recovery above $59 would signal that the June 29 reversal was a temporary setback rather than a trend change. The $2.01 range between the session high and low is one of the widest daily ranges for silver futures in the past month, showing elevated uncertainty among traders about the near-term direction.

Traders will watch for the next catalyst — a US economic data release or COMEX inventory report — to determine whether silver can reclaim the $59 handle. The metal has been trading in a range with support near $57 and resistance around $60 in recent weeks. A break above $60 could trigger further upside toward the next resistance level, while a move below $57 may signal a broader selloff in precious metals. The next COMEX silver inventory report will provide insight into whether physical demand is absorbing the selling pressure. For now, the gap-and-fill pattern leaves silver in a neutral position, awaiting a catalyst to determine the next directional move.

This article is for informational purposes only and does not constitute investment advice.