Silver Price Prediction as It Hits $120 and Faces Pullback Risk

Silver climbed to a new all-time high near $120 an ounce on Wednesday, marking an explosive move after weeks of steady gains and a sharp acceleration in recent sessions.

Prices surged during the latest trading session, with silver breaking above prior resistance levels and extending a near-vertical rally. The move followed a strong advance from the $70–$80 range, where prices had already been rising at a rapid pace.

Silver All Time High Price Chart. Source: CoinCodex

The rally unfolded amid broader strength in commodities. Precious metals moved higher as investors shifted toward hard assets, while volatility persisted across currency and equity markets. Silver’s gains outpaced those of gold, reflecting increased speculative activity and tightening supply expectations.

Market participants pointed to strong momentum and thin liquidity as contributing factors behind the sharp price swing. As prices pushed higher, buying accelerated, driving silver to levels never seen before in nominal terms.

Silver Tests Channel Resistance as Bearish Wedge Forms

Meanwhile, Silver prices paused near record levels after a steep rally, as technical signals pointed to growing downside risk despite the broader uptrend remaining intact.

A chart shared by X user SaharaCharts shows silver trading near the upper boundary of a rising channel, a zone that has repeatedly acted as resistance during the current advance. Price action near this level coincided with the formation of a bearish wedge, a pattern that often appears when upward momentum begins to slow.

Silver Bearish Wedge at Channel Resistance. Source: SaharaCharts

The chart also highlights several candlestick signals that emerged during the climb. Earlier in the move, hammer and inside candle formations appeared during pullbacks, signaling buying interest at lower levels. More recently, however, an engulfing pattern and a shooting star formed close to the channel’s upper rail, suggesting sellers are becoming more active as prices test higher ground.