Silver (XAGUSD) Price Forecast: Consolidates Near $64 – New Record Close Possible

Monday’s Constructive Consolidation

Silver continued to show underlying strength Monday, remaining inside Friday’s range but set to close positive and near the session high. At writing, buyers remain in control with trading continuing near the day’s high of $64.17. A daily close above Thursday’s $63.57 high would establish a new record daily closing high and show strength. The day’s low of $61.75 provides short-term support within a three-day range bounded by Friday’s $60.80 low and the record high of $64.67 — additional levels inside that band offer limited new information compared to trending conditions.

Post-Breakout Behavior

Following the decisive November 28 ascending triangle breakout, silver consolidated tightly near the top of a rising trend channel while testing resistance there over seven days. Once the 10-day average caught up to price, demand surged and confirmed an upside channel breakout with a daily close above the top line. Friday’s low delivered the first short-term pullback to test that former resistance as support—and it held firmly, classic bullish behavior that favors another push above the $64.67 record high.

Rising Dynamic Support

The 10-day average—currently $60.27—is about to cross above the channel top, further validating breakout strength and creating an ascending dynamic support zone. Continued defense of the channel top on any weakness keeps the path open for bullish continuation beyond last week’s peak.

Immediate Resistance Ahead

A potential resistance confluence sits not far above current levels around $65.61, defined by two separate measurements. Bullish momentum must prove strong enough to clear that zone; failure risks stalling the advance and inviting some degree of correction.

Broader Trend Context

The current upswing traces back to November’s higher swing low completion at $48.64, highlighting increasing overextension risk even as demand stays robust. Buyers remain clearly in charge with the channel breakout reflecting sustained interest after the tight consolidation phase.

Outlook

Silver’s ability to hold the channel top on the first pullback and consolidate near highs keeps buyers dominant and the breakout case intact. A push and close above $64.67 targets $65.61 minimum; resistance there could produce a pause but hold the rising 10-day and channel support and the larger bull trend favors eventual clearance and continuation higher.

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