Silver Price Forecast

Silver on the Fundamental Side

Silver prices rose near $53 per ounce on Thursday, maintaining their near-record highs from the previous session. A global supply squeeze fueled this historic rally, fueled by increased demand for safe havens such as gold and silver.

Silver also gained further support from its industrial metal status, as concerns about industrial metal tariffs are spurring stockpiling in global warehouses, reducing supply in the near term.

Silver on the Technical Level

Silver is trading above the uptrend levels on the short-term charts. We are awaiting any corrective pullback near these trends to buy silver, which still targets $54 and then $55 in the near term.

The $50.60 and then $48.70 levels are currently the best buying areas.

This scenario fails with a break above $48 per ounce.