Silver prices are surging, up $1.77 (3.53%) on the day to $51.92, after touching a new record high of $52.02.
Looking at the chart, the corrective lows have been consistently supported by an upward-sloping trendline that has guided the move higher since mid-September. While the price has occasionally dipped below the 100-hour moving average (currently at $49.45), it has not fallen below the 200-hour moving average (now at $48.55) since the last major rally — a sign that buyers continue to defend key support levels.
For sellers to gain more control, they would need to push and hold the price below both moving averages and the rising trendline.
Another key reference point is $49.83, the previous all-time high from 2011. A sustained move below that level would shift focus back toward the moving averages and trendline support, signaling a possible change in the bullish momentum.
