Silver (XAG) Forecast: Silver Market Eyes $50 as Gold Strength and Fed Bets Align

Technically, silver’s breakout above $44.22 has opened a path to $49.81 — with no meaningful resistance until that level. That former ceiling now becomes new support, and the weekly chart shows a strong uptrend intact.

However, the market is now 7 to 10 weeks off its last significant bottom, placing it in the window where a closing price reversal top becomes possible. Such a move wouldn’t break the uptrend but could trigger a 2–3 week pullback. Traders should monitor weekly closes closely, especially if upside momentum begins to stall.

The 52-week moving average sits far below at $34.08, highlighting how extended this move has become.

Silver Weekly Outlook: Still Bullish, But Rally May Pause Before $49.81

Silver’s technical and fundamental backdrop continues to support a move toward $49.81, with strong buying interest across both speculative and industrial channels. But with the metal up nearly 7% on the week and sitting at its highest level since 2011, the risk of consolidation is growing.

As long as silver holds above $44.22, the bullish case remains intact. Traders should prepare for the potential of a cooling-off period in the coming sessions — but any meaningful dip is likely to attract fresh buying interest, especially if Fed rate cut odds hold near current levels.

Looking ahead, Friday’s NFP report may be the key catalyst for silver’s next move. A softer-than-expected print could revive Fed rate cut expectations and pressure the dollar, reinforcing bullish momentum in XAG/USD. On the other hand, a strong jobs number would likely dampen easing hopes, lift yields, and trigger a deeper pullback. Traders should brace for volatility as positioning tightens ahead of the release.

More Information in our Economic Calendar.