Silver's week began bullish and ended bruised — published research turned cautious in the back half.
Early in the week, analysts framed silver as a top rebound trade after a deep correction, citing a reclaim of the 200-day moving average, relative strength versus gold, and a narrowing gap between the 50- and 200-day averages. Structural arguments leaned on industrial demand from solar and EVs, persistent supply deficits, and Indian retail substitution away from pricier gold. One thread highlighted renewed precious-metals momentum following the Iran deal.
By Thursday and Friday, the published consensus shifted notably more bearish. Multiple research notes attributed a sharp selloff to a hawkish tilt under new Fed Chair Kevin Warsh, with higher-for-longer rates lifting the dollar and raising the opportunity cost of holding non-yielding metals. A separate short call cited technical overextension and fading conflict premia across commodities.
Net: long-term bull case intact per most write-ups; near-term tape has rolled over.