Silver Hits Record High Amid Rising Safe-Haven and Industrial Demand

Silver surged to a new all-time high on Monday, following a gain of over 6%, as fresh shockwaves from a criminal probe targeting Fed Chair Jerome Powell by the Trump administration rattled markets and drove investors toward safe-haven assets.

Heightened tensions in Iran, with the risk of uncontrolled escalation, further amplified uncertainty and supported demand for silver. The metal also benefited from tight supply conditions, driven by robust industrial demand.

Technically, the completion of the corrective phase from the previous record high, combined with a bullish failure swing pattern on the daily chart, signals the likely continuation of the larger uptrend that had paused during the $85.42–$70.03 correction.

A close above the former top is required to confirm the fresh bullish signal, with an initial target of $86.06 (100% Fibonacci expansion from $70.03). Achieving this level would validate the wave structure and pave the way for the extension of the third wave in the five-wave sequence from $70.03, with projected targets near $90.00 (round figure) and $90.74 (138.2% Fibonacci expansion).

Any short-term price dips are expected to be shallow, with support above $80 essential to maintain the broader bullish trend.

Res: 86.06; 88.00; 89.05; 90.00
Sup: 84.60; 83.54; 82.73; 80.00