Eseandre Mordi
Silver has been quietly building a case that most traders aren't paying attention to yet. After a rough February selloff, the metal didn't just stabilize - it started carving out a structure that technicians watch closely: a rising parallel channel with clear arc boundaries and multi-timeframe RSI alignment. If the pattern holds, the path to $121 isn't a dream scenario. It's a roadmap with defined levels and a projected timeline.
Channel Structure Takes Shape After Sharp Rebound
Silver has extended its rebound on the 4-hour timeframe, with CFDs on Silver (US$/oz) trading around $84.6250, up 7.76% on the session. A multi-timeframe RSI review across the 4-hour, daily, weekly, and monthly charts suggests a new parallel channel is forming and could soon confirm the path higher for XAG.
The setup follows a sharp early February drop, after which price rebuilt momentum from a lower support zone. The technical picture has been developing since silver breaks key downtrend and targets $86 and $92 resistance levels, and the current channel structure appears to be a continuation of that broader move.
$104.40 Is the Arc Ceiling Before the Channel Takes Over
The roadmap expects XAG to respect the existing arc up to roughly $104.40, after which the rising green channel is projected to become the dominant structure. That channel's boundaries slope upward into late February and early March, framing a grind higher rather than a single impulsive leg. Investors tracking the base of this move can reference earlier work where silver holds $64 to $74 support zone as cup pattern faces invalidation risk outlined the key floor that kept the broader trend intact.
Macro confirmation adds weight to the setup. When USD vs silver ratio breaks support and signals potential 35% upside, it provided an additional structural reason to stay bullish. Combined with the current channel formation, the technical case for silver remains constructive heading into March.
The projected window for a return to the $121 all-time high is March 6 to March 23, presented as an estimate rather than a fixed target. Near-term resistance tests and volatility inside the rising range remain the main risks to watch.
Eseandre Mordi
