Silver Forecast: XAG/USD Records New Peak, Momentum Targets Extension Beyond $61.00

White metal bulls are riding strong momentum as XAG/USD achieves a fresh record high during Wednesday’s session. The recent breakthrough through the $58.80-$58.85 monthly resistance zone has triggered renewed buying interest, establishing a new benchmark for the precious metal. Current price action is unfolding near the $61.00 level, where traders are now calibrating their positioning strategies.

Technical Landscape Suggests Upside Bias

From a technical perspective, the silver forecast for near-term trading points toward continued strength. The overnight surge demonstrates conviction among buyers, though recent readings on the Relative Strength Index (RSI) across 4-hour and daily timeframes are signaling stretched conditions. This overbought setup, while bullish in nature, warrants caution from traders considering fresh long entries. Market participants are advised to await either consolidation patterns or modest profit-taking before committing additional capital to new bullish positions.

Support Zones and Pullback Opportunities

Should XAG/USD experience corrective weakness, the $60.30-$60.20 band represents the immediate support threshold where buying interest is expected to emerge. The round-number level at $60.00 serves as a psychological anchor that could attract fresh dip buyers. However, if selling pressure intensifies and breaks decisively below this zone, the market may revert toward the $58.80-$58.85 breakpoint—a critical level that previously marked resistance. A clear break below this pivot could unlock further downside, pressuring the precious metal lower.

Upside Potential and Bullish Scenarios

Conversely, momentum pushing convincingly above the $61.00 mark would reinforce the constructive near-term silver forecast and signal room for additional appreciation. Such a move would validate the broader uptrend and suggest the rally remains intact from the mid-$45.00 vicinity of late October. The recent breakout structure indicates bulls retain control of the technical landscape, with each successful test of resistance serving as a foundation for higher targets.

Trading Considerations

The current setup favors a buy-the-dip mentality, provided support levels hold. Any meaningful pullbacks should be viewed as opportunities rather than directional reversals, assuming the key support zones remain intact.