Silver Hits New Record High Above $51.50 – What’s Driving the Rally?
Silver prices have jumped to a new record high, crossing $51.50 per ounce. The strong rally comes as investors turn to safe-haven assets and expect the US Federal Reserve to cut interest rates soon.
A weaker US dollar is also helping silver move higher, as it makes the metal cheaper for global buyers. At the same time, ongoing trade worries between the US and China are increasing demand for precious metals. Tight supply in the physical silver market has added more strength to this uptrend.
On the technical side, silver has broken above major resistance levels, showing strong bullish momentum. However, the market now looks a bit overbought, which means a short pause or small correction could happen before the next big move.
If buyers stay strong, silver could continue rising above $52.00. But if profit-taking begins, prices might slip back toward $50.00 or even $48.50.
Impact:
Silver might keep climbing if the dollar stays weak and rate-cut hopes remain. But a short-term pullback could possibly appear before the next upward move.
