Silver (XAG) Forecast: Silver Rally Eyes $64.67 Break as Buyers Push the Silver Market

Silver Rockets Higher as Buyers Challenge Friday’s Reversal Signal

Spot silver is ripping higher this morning, and the market looks far more interested in pressing the rally than following through on Friday’s reversal warning.

We’re trading back toward the $64.67 level — the price that originally marked Friday’s closing reversal top — and a move through that ceiling would scrap the bearish setup entirely and put the uptrend back in full swing.

The downside marker remains $60.80, with a pivot at $60.52 acting as the point where sellers could finally get traction if they ever show up.

At 13:00 GMT, XAGUSD is trading $63.97, up $2.06 or +3.32%.

Industrial Demand Still Driving the Bus

The tone today feels almost inevitable given the fundamentals. Industrial pull is still the heartbeat of this rally. Solar alone keeps tightening the market, and with installations running hot into year-end, silver’s conductivity advantage keeps it irreplaceable.

Add in electronics and EV builds, and the market doesn’t need much speculative froth — real demand is doing the heavy lifting. Supply hasn’t caught up. Mines are lagging, grades are slipping, and with silver mostly produced as a byproduct, production can’t simply be dialed higher. That imbalance is pushing traders to stay long even after big runs.

Monetary Tailwinds Haven’t Let Up

The softer-dollar, softer-yield backdrop hasn’t hurt either, boosted in part by gold’s steady grind higher in recent sessions. Gold isn’t the story today — but its momentum reinforces the broader bid for precious metals, keeping silver buyers confident. The dollar sitting near multi-month lows and Treasury yields easing again are giving non-yielding assets plenty of room to run.

Investment appetite is still firm, with ETF interest and physical demand staying sticky. The gold-silver ratio argument is back in traders’ heads too — silver still looks cheap relative to gold, and that value angle is feeding today’s chase.

Economic Data Could Be the Next Catalyst

This week’s delayed NFP and the muddied November CPI print could throw some sparks into a market that already wants to trade higher. Payrolls may show only modest hiring and another nudge higher in unemployment, while CPI will be judged off a two-month patchwork because the BLS isn’t publishing October’s data.

That lack of clarity alone could keep traders leaning toward metals until the numbers settle. A softer read on either front would help silver test and potentially clear $64.67; a firmer set of data might slow momentum but shouldn’t break sentiment unless yields jump meaningfully.

Bottom Line: Silver Bulls Still Have Control

Unless sellers push the market below $60.80 — and there’s no sign of that right now — the path favors another upside attempt. A clean break above $64.67 opens the door to more aggressive buying, especially if gold extends its own strength and economic data undercuts real yields. The market wants to stay long, and for now, buyers are still the ones calling the shots.

More Information in our Economic Calendar.