Silver Price Set for $89 Breakout as COMEX Registered Stockpiles Shrink

The silver price has been steadily climbing since its bottoming out earlier this year. It closed at $64.114 on the FXCM chart over the weekend, holding firm support on its ascending trendline after an aggressive first push higher.

This pullback is a normal digestion move rather than a warning sign, as long as the trendline itself keeps holding. The key trigger level to watch on the upside is $71.162; a sustained close above that level would confirm silver has broken out of its recent consolidation and is ready to extend the broader uptrend.

The next resistance target after clearing $71.162 is $78.717, with a major target at $89.194. This forecast does not expect an instant runaway move even after breaking out; a brief pullback after clearing $71.162 would be a normal retest of the level as new support.