Saad Ullah
Silver has just delivered one of those moves that reminds everyone why precious metals can be so explosive. After finding solid footing in a critical support zone, the white metal has surged more than 11%, catching the attention of traders who've been waiting for this kind of breakout. With momentum clearly shifting in favor of the bulls, the question now is whether silver can maintain this pace and hit its next major target.
Silver Price Extends Rally After Strong Bounce
Silver has put on quite a show, rocketing over 11% higher after finding support in what analysts call the "blue box" zone around $36.64. This technical bounce has given buyers exactly what they were looking for – a solid entry point with clear upside potential.
The team at @ElliottForecast is keeping their bullish outlook, noting that as long as silver stays above $38, this upward momentum should continue building.
Technical Outlook: $41.62 as the Next Key Level
Based on Elliott Wave analysis, silver looks ready to push toward $41.62 or even higher to finish off the current bull run that started back in April 2025. The key support at $36.13 has held strong, keeping the bullish picture intact. Right now, silver is trading around $41.06, which means it's getting pretty close to that target zone.
This rally really shows how important those technical support zones can be – the blue box area once again proved to be a great spot for buyers to step in. With the mood clearly favoring the bulls now, everyone's watching to see if silver can break through that $41.62 level. If it does, we could see even more upside. But if it struggles there, we might be looking at some sideways action while the market figures out its next move.
Saad Ullah
