Is Silver Poised to Make a Run at Its All-Time High?
With the United States observing Thanksgiving, trading volumes across global markets are notably reduced today and are likely to remain somewhat muted tomorrow as well. Yesterday we highlighted the drop in gold-market volatility — but silver is proving far less restrained.
The XAG/USD chart shows that silver has surged more than 7% since the beginning of the week, drawing fresh attention at a time when many traders expected calm. Thinner holiday liquidity may be allowing price moves to stretch further than usual, raising the possibility that silver could soon attempt to retest its historical peak near $54.45 per ounce — now only about 1% away.
Technical Outlook for XAG/USD
A review of the XAG/USD chart reveals several significant turning points, enabling the construction of a rising price channel. This week’s rapid advance has lifted silver firmly into the upper section of that structure.
Signs of bullish momentum include:
→ the steep ascent within the orange short-term channel, characterised by strong impulsive rallies followed by orderly pullbacks — typical of a powerful trend;
→ a higher swing high on the Awesome Oscillator, reinforcing upward pressure.
In light of these factors, it is conceivable that the channel’s median line may once again switch roles from resistance to support, potentially giving purchaviewrs the platform they need to mount an attempt at surpassing silver’s all-time high.
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