Key Takeaways
Silver (XAG) has set a new record, surging to an all-time high price of $53.57.
The precious metal has been on a tear in 2025, gaining 80% since the start of the year.
This breakout comes after decades of consolidation under long-term resistance levels.
Gold (XAU) has previously led the way, and if Silver catches up, its parabolic rally will have room to run.
The SILVER price had declined since reaching its original all-time high of $48 in January 1980.
Since then, SILVER has fallen under a descending resistance trend line, and even though it briefly reached a new all-time high in January 2011, it failed to sustain that high.
The subsequent rejection created the $40 horizontal resistance area until this month.
Silver has increased since January 1991, and finally broke out from the trend line last month.
Since the 1980 all-time high, the trend line has existed for 45 years.
This month, Silver’s price continued its ascent by breaking out from the $40 horizontal resistance area and hitting its all-time high.
Silver’s price has increased by 80% year-to-date, and it surged by 12% in the first half of October alone.

Momentum indicators show no weakness. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are both surging.
If the upward movement continues, the next resistance will be $75, created by the 1.61 external Fibonacci retracement resistance level.
The Silver (green) price has followed Gold (blue) almost perfectly since the original high in 1980.
The only difference is that Gold has been leading since 2010, while Silver is slowly catching up.
Since the fractal is still intact, it predicts that the Silver price will continue to increase, likely hitting the $75 high from the previous chart.

The wave count from the weekly time frame agrees, suggesting that Silver is in wave three of a five-wave upward movement (green).
If the count is accurate, Silver will hit a high of at least $65 before retracing, giving wave three 2.61 times the length of wave one.
Then, the fifth and final wave could take Silver’s price to the long-term target of $75.

Therefore, the long- and short-term charts both suggest Silver is not done rallying, and its correlation to Gold also points to new highs.
Silver’s charts suggest the rally is far from over, with the next major target between $65 and $75.
Momentum indicators remain strong, signaling no immediate signs of weakness.
If history and its correlation to Gold are any guide, Silver may continue its climb to fresh highs.