Silver rallies to fresh all-time high, eyes psychological $70 mark

Silver surged over 4% on Wednesday, reaching a new record high of $66.51, fueled by renewed demand for precious metals following US data that indicated further weakness in the labor market, boosting expectations of a more dovish Fed stance.

The rally broke through key round-number barriers at $65 and $66, signaling a continuation of the broader uptrend after a three-day consolidation.

Bulls now target $67.23 and $69.36 (Fibonacci projections at 238.2% and 261.8%, respectively), while the psychological $70 level comes into focus.

Overbought daily studies suggest a possible pause for consolidation or limited correction, allowing the market to position for further gains as key drivers—geopolitical factors, monetary policy expectations, and strong industrial demand—remain supportive.

Support for dips is expected around the $64.50–$65.00 zone, which should help maintain the bullish structure.

Res: 66.00; 66.51; 67.23; 68.00
Sup: 64.64; 64.30; 64.00; 63.75