ProShares Ultra Silver (AGQ) surged 5.08% during intraday trading on Friday, reflecting a sharp rebound in silver prices. The leveraged ETF's movement aligns with broader precious metals recovery driven by shifting market dynamics.

Silver found solid support at key technical levels, preventing further declines and triggering a noticeable rebound. The Federal Reserve's recent policy meeting revealed internal divisions and a hawkish stance that initially boosted the U.S. dollar but later saw dollar retreat intraday. Additionally, the UAE's announcement of exiting OPEC increased oil supply, causing oil prices to pull back and supporting precious metals like silver during the session.

For silver to establish a sustained upward trend, it must break through and hold above the 74-75 resistance zone. The current rebound suggests the short-term downtrend is losing momentum, with traders watching key support and resistance levels for further directional clues.