Silver surpasses $100 and remains bullish

Silver (XAGUSD) continues to run and has surpassed the upside targets for the "mother of all cup and handle patterns" at 85 and 95.

Chart 1: Silver (XAGUSD): Monthly chart with "the mother of all cup and handle patterns"

From a tactical perspective, silver has tested an upside target at 108, which is the 100% extension of the rally from the 10/28/2025 low to the 12/29/2025 high projected from the 12/31/2025 low. Staying above this week's opening upside gap at 104.32 to 103.01, which provides a key risk management support, would make the case for a stronger rally to 131-132 (161.8% extension).

Chart 2: Silver (XAGUSD): Daily chart with upside gap and Fibonacci extension levels

In terms of the iShares Silver Trust (SLV), holding above the lower end of this week's opening upside gap at 92.97, which is risk management support near the 100% extension at 93.07, would make the case for a stronger rally to 111-112 (161.8% extension). The upper end of this gap is today's low at 99.11.

Chart 3: iShares Silver Trust (SLV): Daily chart

From a longer-term perspective, the logarithmic scaled chart supports upside on SLV to 175, which is the upside count for the bullish breakout from the 2011 to 2025 big basing pattern. This week's upside gap from 99.11 to 92.97 offers a key risk management support.

Chart 4: iShares Silver Trust (SLV): Weekly log scale chart