Silver surged past $60 to a new record high, supported by robust industrial demand and continued safe-haven buying

Silver surged to a new record high of $61.59 on Wednesday, extending Tuesday’s strong rally that posted a 4.5% daily gain and broke through the psychological $60 barrier.

The metal continues to benefit from robust safe-haven demand alongside a persistent imbalance between industrial demand and supply. Over the past six months, silver’s rally has outpaced gold, driving the gold-silver ratio lower—from around 100 ounces of silver per ounce of gold in June to just 69 ounces today.

Today’s minor pullback from the all-time high appears more as positioning for further upside than a meaningful correction, amid widespread expectations for a 25-basis-point Fed rate cut and speculation that US policymakers may adopt a more dovish approach in the coming months due to a weakening labor market and President Trump’s preference for further easing.

The broken $60 level has now turned into solid support, holding today’s action, while deeper dips are likely to find support above $58 (rising 10DMA), keeping bulls in control.

Silver is currently riding the third wave of a five-wave cycle from the $45.53 low on October 28, having probed through the 138.2% Fibonacci expansion at $60.95. Bulls are targeting $62 (psychological level) and $63.05 (Fibo 161.8% expansion) in the next leg higher.

Res: 61.59; 62.00; 63.05; 64.00
Sup: 60.00; 58.98; 58.00; 57.54