Saad Ullah
Silver is doing what silver does best - moving fast and hard when momentum kicks in. After breaking cleanly above the $43-44 resistance zone, the metal is now eyeing much bigger prizes.
Technical Picture Looking Strong
Trader Aidan nailed it: silver's "momentum metal" reputation is on full display, and when this thing starts running, it rarely stops at the first hurdle.
The weekly chart tells the story perfectly. We're seeing back-to-back bullish candles with serious conviction behind them. That old $43-44 resistance area? It's now acting as support, which is exactly what you want to see in a healthy breakout. The acceleration channel is pointing higher, and momentum indicators aren't showing any signs of exhaustion yet.
What's Driving This Rally
Three big forces are pushing silver higher right now. Inflation fears aren't going anywhere, and investors are scrambling for real assets that hold value when paper money gets sketchy. The dollar's recent weakness is giving all precious metals a tailwind, but silver's getting an extra boost from its industrial side. Green energy demand, especially from solar panels and electric vehicles, is creating a supply crunch that's only getting tighter.
Here's what traders need to watch:
- Support: $44.20-$43.60 - The breakout zone turned safety net
- Major Support: $40.98 - Where the bulls would really dig in
- Next Target: $47.60 - The first big test ahead
- Psychological Level: $50 - Where things get really interesting
If silver holds above $44, we're probably looking at a run toward $47-50. That's where the real action starts. Break through there, and we could be talking about a historic move toward all-time highs. Fail, and we might see some consolidation before the next leg up.
Saad Ullah
