Precious metals remain firmly bid, but leadership has shifted. Gold’s rally stalled just ahead of a key Fibonacci projection, while Silver broke out to a new 14-year high. Both metals remain supported by a mix of geopolitical risk, policy divergences, and strategic investor demand for hard assets.
Silver’s case is probably more compelling. The market faces a prolonged supply deficit and tightening physical availability, giving its rally deeper structural foundations. This dynamic, coupled with strong investor interest, has pushed prices higher and opened room for further gains on both near-term and medium-term horizons.
Near-term, Silver will remain bullish above former resistance at 39.49, now turned support. Next target is 61.8% projection of 28.28 to 39.49 from 36.93 at 43.85. Decisive break there could prompt upside acceleration to 100% projection at 48.14.
On the broader time frame, Silver has already cleared 100% projection of 21.92 to 34.84 from 28.28 at 41.20, setting up to 138.2% projection at 46.13. There is potential of further rally to 161.8% projection at 49.18 before topping, as the fifth wave of the five-wave rally from 17.54.
So in short, for Silver, holding 40 keeps the bullish structure intact, with acceleration toward 50 possible once 44 is cleared.
Gold, meanwhile, looks set to consolidate further in the short term, below 261.8% projection of 3267.90 to 3408.21 from 3311.30 at 3678.63. But pullback should be contained above 3511.49 support to bring rebound. Firm break of 3678.63 will target 323.6% projection at 3765.34 next.
