Silver (XAGUSD) Price Forecast: New Record $69.46 as Resistance Zone Tested

Monday’s Record Extension

Buyers maintained control of silver on Monday, extending the uptrend to a new record high of $69.46. A new higher daily high and higher low emerged, while the day’s low of $67.33 barely dipped into Friday’s price range, showing strong demand. At writing, trading continues near the highs of the day, with silver looking likely to end the session in a similar bullish position.

Immediate Resistance Zone

Despite a strong bullish close for Monday, silver has reached a potential resistance zone that sits from $68.37 to $68.94. The range includes a 223.6% projection of a rising ABCD pattern, and a 261.8% extension of the most recent bearish correction begun in October. The next higher price level is $71.79. If a decisive advance above Monday’s high triggers, then the $71.79 level becomes a target. Until then though, be aware of the potential for resistance in the current price zone.

Multi-Week Strength

Monday was the beginning of the fifth consecutive week of higher weekly highs and higher lows. It has seen silver breakout above the top of a trend channel two weeks ago and continue to rise. That breakout is another confirmation signal showing strong demand for silver and an acceleration in bullish momentum. Although a rising slope is bullish, it also suggests that the price of silver could get overextended and due for a correction of some degree, either with relatively sideways price action or a pullback towards potential support areas.

Layered Dynamic Support

Key dynamic support is near the 10-day average, now at $64.36 and rising. It is the first line of defense for the bulls. Friday’s minor higher swing low at $64.50 should also be watched for signs of support, or a failure of initial support. Further down is the 20-day average, now at $60.34 and rising. However, last week’s low of $61.75 will currently come before the 20-day line. Since the low was support on a weekly basis, it could be an area of support again. A drop below that weekly low would be bearish, but it also may see some defense from buyers.

Outlook

Silver’s relentless push to new records and fifth straight higher week underscores powerful demand, but the steep slope and proximity to $68.37–$68.94 resistance raise overextension risk. Hold the 10-day $64.36 and last week’s $61.75 low on any weakness to keep the acceleration intact; clearance of $69.46 targets $71.79, while cracks below those supports invite sharper correction.

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