Silver has staged a major up move, recording a 29% gain in Q3 2025. Technical analysis indicates a bullish acceleration phase remains intact as it nears its all-time high.
Chart of the week: Silver
Key takeaways
- Silver’s strong performance: Silver (XAG/USD) has surged 29% in Q3 2025 and 67% year-to-date, now just 3.1% below its all-time high of US$49.81 from April 2011.
- Bullish technical setup: Price action has broken above a key ascending channel, supported by sustained momentum on the 4-hour RSI and Silver’s outperformance relative to Gold.
- Key levels to watch: The bullish trend remains valid above US$46.22, with resistances at US$49.45–52.10; a break below US$46.22 signals a potential corrective decline.
The industrial metal, Silver (XAG/USD), was featured in our prior “Chart of the week – Bullish breakout in Silver (XAG/USD) from 7-month consolidation” published on 9 June 2025.
Since our last publication, Silver (XAG/USD) has staged the expected up move, recording a quarterly gain of 29% in Q3 2025 and a year-to-date return of 67% as of 6 October 2025, at the time of writing.
Additionally, it is now just 3.1% away from its all-time intraday high of US$49.81, set in April 2011.
Fig. 1: Silver (XAG/USD) medium-term trend as of 6 Oct 2025 (Source: TradingView)
Current key technical elements suggest that the Silver (XAG/USD) medium-term uptrend phase remains intact since early April 2025. Let’s now break down the elements that support the potential bullish view and its key levels to watch.
Firstly, recent price actions of Silver (XAG/USD) have broken above the upper boundary of a medium-term ascending channel from the 20 August 2025 low on 26 September 2025, which suggests Silver (XAG/USD) is likely undergoing a potential bullish acceleration phase. It is now oscillating within a steeper medium-term ascending channel in place since the 18 September 2025 low of US$41.20.
Secondly, the 4-hour RSI momentum indicator of Silver (XAG/USD) has continued to be supported by its ascending trendline that is acting as a support at around the 50 level, which suggests the medium-term upside momentum remains intact.
Thirdly, the Silver-to-Gold ratio (relative strength gauge) has formed a series of “higher lows” since 22 September 2025, indicating a potential medium-term outperformance of Silver against Gold.
Watch the US$46.22 key medium-term pivotal support to maintain the bullish trend, with medium-term resistances coming in at US$49.45/49.81, US$50.50, and US$51.94/52.10 (also a Fibonacci extension cluster).
However, a break below the US$46.22 key support invalidates the bullish acceleration scenario for a corrective decline sequence, which would expose the next medium-term supports at US$45.22 and US$43.75 (also the 20-day moving average).
