Silver (XAGUSD) continues to demonstrate a powerful impulsive rally, advancing steadily toward new all-time highs. The short-term cycle that began from the January 15, 2026 low is unfolding as a clear impulse five-wave rally. From that date, wave (i) concluded at $93.03, followed by a corrective pullback in wave (ii) that ended at $86.83. Momentum then carried the market higher, with wave (iii) reaching $94.12 before another modest retracement in wave (iv) down to $92.56. The final leg higher, wave (v), extended to $95.86, thereby completing wave ((i)) of a higher degree structure.
After this initial advance, silver entered a corrective phase in wave ((ii)), forming a zigzag pattern. From the peak of wave ((i)), wave (a) declined to $93.09, while wave (b) rallied back to $95.56. The market then resumed its downward move in wave (c), reaching $90.29 and completing wave ((ii)) at the higher degree. With this correction finished, silver has resumed its upward trajectory in wave ((iii)), signaling renewed strength in the impulsive sequence.
The potential upside target for wave ((iii)) is projected using the 100% to 161.8% Fibonacci extension of wave ((i)). This range lies between $99.75 and $105.6, offering a significant zone of interest for traders and investors. In the near term, as long as the pivot at $86.4 remains intact, dips are expected to attract buyers. Market participants should anticipate renewed demand in sequences of three, seven, or eleven swings, reinforcing the bullish outlook and supporting further upside momentum.
