Silver Price Forecast: Bullish Breakout Signals Higher Targets

Author: Bruce Powers

Published: February 23, 2026

Overview

The article discusses a significant bullish breakout in the silver market, highlighting a recent inverse head and shoulders pattern that has emerged. This technical formation suggests potential upside targets for silver prices, with projections indicating a rise towards the $94–$100 range.

Key Developments

• Silver broke out above $79.50, continuing its advance to reach a new high of $88.03.
• Key moving averages, including the 20-day and 50-day averages, have been reclaimed, indicating a strong bullish trend.
• A daily close above $86.32 is necessary to confirm the breakout of the head and shoulders pattern.

Support and Trend Structure

The bullish pattern formed at a support level near the top of a long-term rising trend channel. Following a bearish correction to a low of $64.06, the market has shown signs of recovery. The 20-week moving average and a significant Fibonacci retracement level at $61.84 have confirmed this support area, suggesting that the bullish trend may resume.

Price Targets and Projections

The article outlines several price targets based on symmetry and Fibonacci retracement levels:

• The first leg up established a lower swing high at $86.32, with a subsequent pullback creating a higher swing low at $71.98.
• Symmetry in price movements suggests a target zone between $92.87 and $94.24.
• Higher targets include a confluence zone at $99.66 (61.8% Fibonacci retracement) and $100.29 (127.2% projected ABCD pattern target).

Conclusion

With the potential for higher targets, the article emphasizes the importance of monitoring pullbacks for new trading opportunities. The bullish sentiment in the silver market is supported by technical indicators and price patterns, suggesting a favorable outlook for investors.

About the Author

Bruce Powers is a seasoned finance professional with over 20 years of experience in financial markets. He holds an MBA and is a CMT® charter holder, having worked as head of trading strategy at hedge funds and as a corporate advisor for trading firms.