Usman Salis
Silver is demonstrating strong upward momentum, maintaining solid footing above the critical $50.40 support level. Technical indicators point to continued strength in this rally that started from the October 14, 2025 low, with analysts eyeing the $54–$55 range as the next major target zone.
Wave Structure Points Higher
In a recent update, Elliott Forecast highlighted that silver is favoring a continuation of its current rally, with $50.40 serving as the key level that would invalidate the bullish scenario if broken. Following a corrective pullback labeled as Wave 4, silver has resumed its climb in what appears to be a fresh impulsive phase. The structure unfolding since mid-October looks like a five-wave advance, typically indicating more upside before any significant correction takes hold. This pattern points to a potential completion somewhere in the mid-$50s before traders should expect a meaningful retracement.
The $50.40 mark remains the line in the sand for bulls—holding above this level keeps the positive outlook alive. On the upside, immediate resistance sits in the $54.33–$55.53 zone, which aligns with projections for where the current wave sequence might complete. The overall trend stays bullish as long as price action doesn't slip below that $50.40 threshold.
What's Driving the Move
Silver's recent strength reflects a mix of factors. Investors continue seeking safe-haven assets amid lingering inflation worries and broader economic uncertainty. But there's more to the story than just defensive positioning. Industrial demand, especially from solar panel manufacturing and electronics production, has been providing solid fundamental support for silver prices. This combination of technical momentum and fundamental backing creates a compelling case for the ongoing rally.
Usman Salis
