Here’s Why Silver Could Still Hit $120 Despite Resistance

Everyone’s talking about silver right now. The charts are looking interesting, analysts are chiming in, and despite some resistance in the near term, the bigger picture still seems intact.

The 4-hour chart for silver shows a pretty clear picture. Price has been grinding higher, but there’s a densely traded area sitting right above at the $95-$90 zone.

That’s marked as a strong buying zone on the chart, which makes sense, when the Silver price previously moved through this area, it saw heavy volume and consolidation.

Right now, silver’s sitting around $86 to $88 after pulling back from that resistance. It’s been bouncing between $78-$82 on the low end and $90-$95 on the high end.  Every time it touches the lower end, it is being brought up.

That’s range-bound behavior, but here’s the important part, the overall structure still looks bullish. Higher lows have been forming since the bottom, and price is holding above key moving averages on the longer timeframes.

Source: X/Shirley

• What the Analysts Are Saying About Silver
• The Bull Case for $120
• The Risks to Watch

What the Analysts Are Saying About Silver

Top analyst Shirley shared on X that she is still bullish about the commodity’s prospects in the coming days. She has pinpointed the resistance level, which is in line with the chart. Below that, she sees the $78-$82-$85 range as good buying opportunities that can be held long-term.

Essentially, her analysis is straightforward: so long as the price of silver is above $95, it will continue to accelerate in its breakout to $100, and thereafter, $120 is the target. That’s a clean, straightforward read, clear resistance, clear support, clear upside if resistance breaks.

However, Mary Taylor offers a shorter-term view. She is expecting a pullback in silver in the near term to the $86 to $87 price range, which is probably due to resistance at $90.

Putting these two pieces of prediction together, we get a logical whole: resistance in the $90 to $95 price range is real and may be causing a pullback, but in the long term, everything is still looking bullish for silver.

Source; X/MaryTaylor

The Bull Case for $120

So how do we get from $86 to $120? It starts with holding above $95. That’s the key level Shirley mentioned. If silver can break through that dense trading area and establish itself above $95, it opens the door to $100. That’s psychological resistance, always important in markets.

Once $100 clears, momentum tends to build. Traders who were waiting for confirmation jump in. Shorts are squeezed. The next level of resistance based on historical stock action is around $120, which is also a high and a Fibonacci extension.

The chart shows that the densely traded area between $95 and $90 acted as resistance in the past. Once that zone flips to support, the path higher becomes much cleaner.

The Risks to Watch

Nothing moves in a straight line. The near-term pullback to $86-$87 that Mary Taylor mentions is likely if silver can’t break $90 immediately. That’s normal price action—resistance levels exist for a reason.

If the silver price is unable to hold up in the range of $78 to $82, then the bullish structure is compromised.

Another level to keep an eye on is the action in the dollar and risk assets in general. Silver has a complicated relationship with both, and external factors always matter.

However, Silver’s setup is pretty clean right now. Clear support in the $78-$82 range. Clear resistance at $90-$95. A pullback to the $86-$87 range is certainly possible in the near term.

Also, in the long term, the structure is still bullish, and if it breaks through the $95 price level, it will move up towards the $100 and $120 price levels.

For long-term investors, it is a good idea to buy in the support zone. For shorter-term traders, playing the range until a breakout confirms it is the move. Watch that $95 level. If the silver price clears it, $120 comes into view.

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