Silver extends gains following Friday’s strong rally, reaching a fresh record high

Silver pushed further into uncharted territory, reaching a new record high of $57.84 in early Monday trading, extending Friday’s strong rally—the largest daily gain in nearly eight months at 5.6%—which broke and closed above the previous all-time high of $54.64.

The recent surge was driven mainly by a weaker dollar amid growing bets for a Fed rate cut in December and expectations that the incoming Fed Chairman may lean toward the dovish stance favored by President Trump, boosting demand for the metal.

Technically, the picture has turned fully bullish following the completion of the $54.64/$45.53 corrective phase, the formation of a bullish failure swing on the daily chart, and a break above the near-term bull-channel upper boundary. This opens the way for further upside toward Fibonacci targets at $58.12 (138.2%), $59.20 (150%), and the psychological $60 level.

However, overbought daily indicators suggest potential headwinds that could slow momentum. Sustained daily closes above the previous record high are essential to maintain bullish control, with today’s long candle tail indicating that bulls continue to hold firm.

Res: 57.84; 58.12; 59.20; 60.00
Sup: 56.80; 56.42; 55.85; 54.68