Silver accelerates upward after Friday’s breach of the $100 psychological level

Silver extended its gains above the psychological $100 level, which was breached on Friday when the market closed at $103.23, and surged to a new all-time high well above $111 on Monday.

The metal has been strongly supported by a sharp rise in demand for precious metals, robust industrial demand amid a widening supply-demand imbalance, and a weakening U.S. dollar, in which silver is priced.

Silver continues to track gold but has significantly outperformed it, delivering a remarkable 145% gain in 2025 compared with gold’s 66% advance.

The gold-silver ratio, which shows how many ounces of silver are needed to buy one ounce of gold, currently sits around 46—the lowest level since September 2011. This suggests that holding silver could be more advantageous than gold, although some argue the ratio is less relevant in today’s market environment.

Silver’s January rally has been extraordinary, rising 53% so far (a record monthly gain), reinforcing a strongly bullish structure. However, this also raises the risk of a correction, as the metal is overextended on all major timeframes and has been in a steep, uninterrupted rally for nine consecutive months, accelerating month after month.

The bullish trend remains intact as long as silver sustains a break above $110, which would pave the way for further upside toward $115 (round figure) and $116 (Fibonacci 138.2% expansion), while keeping the psychological $120 barrier in focus.

Immediate support is at $110, followed by $108.40 (hourly higher base), $105.40 (daily Kijun-sen), $103.09 (daily low), and $100 (the broken psychological level now acting as strong support). These levels should contain any deeper pullbacks and keep the broader bullish trend intact.

Res: 112.00; 115.00; 116.00; 120.00
Sup: 110.00; 108.40; 105.40; 103.09