Silver (XAG/USD) has surged, trading above $80 per ounce and marking its highest level in a month. The metal has broken out of a multi-week consolidation phase between $72 and $78, a move analysts describe as a slow, steady, and sustainable rally that has flown under the radar compared to more volatile assets like Bitcoin.
Technical analysts on X are pointing to a completed Elliott Wave structure, signaling the start of a major new upward wave. The account Economic Office posted a 12-hour chart showing the completion of Wave 4 in a W-X-Y correction pattern. The subsequent break above a long-standing descending red trendline, which had acted as resistance for months, confirms the start of Wave 5. The analyst's final target for this wave is $150, a multi-month journey expected to culminate around 2026-2027.
Analyst Rashad Hajiyev supports this view, highlighting a steady grind higher on a 300-minute chart with a series of higher lows and higher highs. He notes the breakout is progressing "slowly, but surely," with gradually increasing volume indicating accumulation rather than a speculative pump. The next key resistance levels are seen at $84, $88, $92, and $100.
Current market data reinforces the bullish structure. Silver is up roughly 3-4.5% on the day, trading around $79. The Investing.com chart shows a consistent rise from $73 to $79 over about a day and a half. While the immediate momentum has slowed, with price hovering near the upper Bollinger Band, the MACD indicator remains positive, suggesting underlying upside momentum remains intact.
Both analysts agree that the quiet, unhyped nature of this breakout is a bullish sign for its sustainability. They warn that investors ignoring this "stealth rally" may regret it once mainstream attention catches up, with a clear path to $100 and an ultimate target of $150 on the horizon.
