Silver is ending December 23, 2025 with a bang. The white metal has pushed through the long-watched $70-per-ounce threshold for the first time and extended the rally into fresh record territory above $71, powered by a potent mix of industrial demand, investment buying, tighter inventories, a softer U.S. dollar, and rate-cut expectations. ^[1]

Around the late New York session—closest available spot snapshots ahead of this 5:03 PM ET update—major pricing feeds showed spot silver near $71.4–$71.5/oz, up more than 3% on the day, after trading a wide intraday range. ^[2]

Silver price today: the latest spot levels and today’s trading range

In the latest visible spot snapshots on Tuesday:

• Investing.com showed XAG/USD at about $71.5025, up +3.53%, with a day’s range of $68.8445–$71.5815. ^[3]
• Kitco listed spot silver around $71.42 bid / $71.54 ask, up +3.53%, with an intraday low near $68.79 and high near $71.63. ^[4]

Those late-session levels followed a dramatic intraday progression that traders will remember: silver was already printing records in early trade, then breached $70, and later accelerated to new highs as the day unfolded. ^[5]

What happened on Dec 23: silver crosses $70 and rewrites the record book

Silver’s surge wasn’t a single spike—it was a day-long storyline:

• Early headline move: Reuters reported spot silver hitting a fresh record around $69.59/oz early Tuesday. ^[6]
• The psychological break: By mid-day in Europe, Reuters said silver had scaled $70, trading around $70.06 after hitting about $70.18—a major “round number” breakout that tends to draw momentum flows. ^[7]
• Late-day extension: In the U.S. session, Reuters later reported silver around $71.22, after touching a new record near $71.49. ^[8]

In other words, the market didn’t just test $70—it cleared it, then built above it, which is often what separates a “headline pop” from a more durable trend.

Why silver is rallying: the big drivers behind today’s move

Tuesday’s rally is being explained by a rare alignment of bullish inputs—some structural, some macro, and some driven by year-end positioning.

1) Supply deficit meets rising industrial demand

Reuters quoted metals strategist Peter Grant (Zaner Metals) pointing to a market that has been in deficit for five years, with increasing industrial demand adding to the bid. ^[9]

That matters because silver is not only a precious metal—it’s also a critical industrial input used across electronics and energy-related applications. When investors decide they want “hard-asset protection” at the same time industry needs supply, the squeeze can become self-reinforcing.

2) Investment demand and tightening inventories

Reuters also highlighted strong industrial and investment demand alongside tightening inventories as key supports. ^[10]

This is the kind of backdrop that can turn dips into quick rebounds: if the market believes available supply is shrinking, sellers become more cautious, and buyers become more aggressive on pullbacks.

3) Rate-cut expectations and a weaker U.S. dollar

Precious metals often respond to shifts in real yields and the U.S. dollar. Reuters noted that expectations of further U.S. rate cuts were helping propel the complex, and that a weaker dollar makes dollar-priced metals more attractive for overseas buyers. ^[11]

4) Geopolitical tensions add a “safe-haven” layer

Silver doesn’t always trade like pure “risk-off” gold—but in big macro moments, it can pick up a safety bid too. Reuters linked today’s move to simmering geopolitical tensions and highlighted fresh U.S.–Venezuela friction as part of the broader risk backdrop feeding safe-haven demand. ^[12]

Silver price forecast: what analysts are saying now

With silver printing record highs, the conversation has quickly shifted from “can it break $70?” to “how far can this run—and how violent could the pullbacks be?”

The $75 target enters the mainstream

Reuters reported that silver’s next target is $75/oz, according to Peter Grant—while cautioning that year-end profit-taking could trigger a pullback. ^[13]

That “$75” level is now emerging as a widely repeated upside reference point because it sits above today’s breakout zone and gives the rally a clear, simple target for momentum traders.

Overbought signals are flashing—but dips may be bought

FXStreet’s technical view on Dec 23 acknowledged that silver remains in a strong uptrend, but flagged overbought RSI conditions as a reason bulls may pause before adding fresh risk. Importantly, FXStreet added that any meaningful corrective drop could still be seen as a buying opportunity, with downside potentially limited. ^[14]

Holiday liquidity and profit-taking risk is real

FXEmpire struck a more cautious near-term tone, noting silver hit a record around $70.68 before pulling back on profit-taking into the holiday period. FXEmpire also tied some pressure to strong U.S. GDP data (4.3%) and rising Treasury yields, which can reduce appetite for non-yielding metals if markets rethink how quickly the Fed will cut. ^[15]

Taken together, the day’s forecasts paint a fairly classic late-year setup:

• Trend is up and momentum is strong
• But liquidity is thinner
• So pullbacks can be sharp—even inside a bull move

Key silver levels to watch after the $70 breakout

Even for readers who don’t trade, a few technical “zones” matter because they often influence headlines, investor psychology, and the pace of moves:

• $70.00: The psychological breakout level now flipped into a major reference point. Reuters explicitly framed today as silver hitting $70 “for the first time.” ^[16]
• $71.49–$71.63 area: Today’s record-zone, with Reuters noting a peak near $71.49 and major spot feeds showing session highs in the low $71.6s. ^[17]
• $75.00: The next “headline target,” now being cited by analysts. ^[18]

If silver remains above $70 on follow-through days, the narrative stays “breakout and hold.” If it slips back below, the narrative can quickly turn into “failed breakout,” even if the bigger trend remains bullish.

The bigger picture: silver’s 2025 surge and what it could mean for 2026

Reuters noted silver is up dramatically year-to-date—147% in 2025 in its late-day report—underscoring just how powerful this move has been. ^[19]

That scale of annual gain is why forecasts have become more polarized:

• Bulls see structural tightness (deficits + industrial pull) and believe silver can keep climbing as macro conditions ease. ^[20]
• Skeptics point to crowded positioning and the tendency for silver to experience fast corrections, especially when macro data pushes yields higher or when year-end positioning flips. ^[21]

What to watch next: the catalysts that could move silver after today

With Christmas-week liquidity in play, a handful of inputs could have an outsized impact on silver pricing in the next sessions:

• U.S. dollar direction (a weaker dollar has been supportive). ^[22]
• Treasury yields and rate-cut expectations (especially if data surprises shift the Fed path). ^[23]
• Geopolitical headlines that feed safe-haven flows. ^[24]
• Whether silver holds above $70 after the first breakout day. ^[25]

Bottom line (Dec 23, 2025): Silver’s breakout above $70 has turned into a full-throttle record run above $71, with analysts now openly discussing $75—but multiple research notes warn that thin holiday trading and profit-taking could still produce sudden pullbacks even inside a bullish trend. ^[26]

References

1. www.reuters.com, 2. www.kitco.com, 3. www.investing.com, 4. www.kitco.com, 5. www.reuters.com, 6. www.reuters.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.reuters.com, 14. www.fxstreet.com, 15. www.fxempire.com, 16. www.reuters.com, 17. www.reuters.com, 18. www.reuters.com, 19. www.reuters.com, 20. www.reuters.com, 21. www.fxempire.com, 22. www.reuters.com, 23. www.fxempire.com, 24. www.reuters.com, 25. www.reuters.com, 26. www.reuters.com

Approaching Key Resistance

Today’s bull breakout further confirms strength of the counter-trend rally. It looks poised to test resistance near the 50-day average, now at $59.13. Until proven otherwise, some degree of resistance can be anticipated. Since the area near the 50-day average reversed the bull reversal from the October swing low, it was confirmed several times as a dynamic resistance area, most recently the December lower swing high at $60.56.

Since the average identifies an area of possible resistance, the 12-day high at $59.22 can be included in the price zone as well, along with a 78.6% Fibonacci retracement level at $59.37. Together, these indicators show a price zone from around $59.13 to $59.37 where the current bounce could stop and reverse – or breakthrough.

Reversal Confirmation Levels

A sustained recapture of the $60.56 lower swing high from early December would be needed to show a reversal of the trend on the daily chart. However, a one-week bullish reversal triggered this week from a bullish hammer candle pattern. The weekly breakout will confirm if this week ends above last week’s high of $57.82. Nevertheless, the reversal of the lower swing high is needed to satisfy the internal downtrend that began from the June spike high at $78.44.

Broader Downtrend Context

The series of lower swing highs from that peak suggests at least another pullback from resistance near the top of the short-term decline bounded by a dashed falling trendline. Despite recent signs of strength, demand will need to remain strong enough to advance further and then break out through a resistance zone and remain in a bullish technical position. That would be difficult without another dip, even if to generate a higher swing low rather than another test of this month’s lows.

Outlook

Crude oil’s counter-trend rally has gained traction with the 20-day reclaim and weekly reversal signal, but the $59.13–$59.37 confluence looms as the decisive test. Clearance and hold above the 50-day average shifts the daily structure to short-term bullish; rejection there favors another leg lower within the larger downtrend from June.

For a look at all of today’s economic events, check out our economic calendar.

Natural gas markets are ending the year in classic winter fashion: price swings driven less by what’s happening today than by what weather models might show next week.

On Tuesday, December 23, U.S. Henry Hub futures rebounded from recent weakness as record LNG export demand and a higher near-term consumption outlook helped offset a major bearish force—forecasts calling for warmer-than-normal temperatures into early January. ^[1]

Across the Atlantic, European benchmark prices moved the other direction. Dutch and British gas contracts slipped as traders digested weather forecasts pointing to a quicker end to a cold spell and weighed still-stable supply and LNG availability into January. ^[2]

Below is a complete, publication-ready rundown of the key news, forecasts, and market drivers shaping natural gas today.

Natural gas price check: Henry Hub rises above $4 while Europe drifts lower

U.S. (Henry Hub / NYMEX front month)

• In early New York trading, the front-month contract traded around $4.10/MMBtu (+~3%), according to WSJ market data. ^[3]
• Reuters reporting cited the NYMEX January contract up about 4% to $4.105/MMBtu by 8:59 a.m. ET. ^[4]
• Later in the session, Markets Insider showed Henry Hub around $4.14/MMBtu, with an intraday range roughly $3.94–$4.17. ^[5]
• FT market data later showed Henry Hub around $4.31/MMBtu (data delayed at least 15 minutes) by 18:30 GMT. ^[6]

Europe (TTF / U.K. front month)

• Dutch TTF front-month gas was €27.36/MWh (down €0.41) by 10:05 GMT, while U.K. front-month gas was 72.00 pence/therm (down 1.55 pence), according to LSEG data cited by Reuters. ^[7]

Asia (JKM as a global LNG marker)

• JKM futures were trading around $9.63/MMBtu on Investing.com’s JKM futures page (useful as a reference point for Northeast Asia LNG pricing). ^[8]

What’s driving U.S. natural gas today: LNG exports are doing the heavy lifting

1) LNG feedgas demand hits new records

The most important bullish headline in today’s U.S. market is straightforward: LNG export terminals are pulling record volumes of natural gas from the U.S. grid.

Reuters reporting cited:

• Average flows to the eight major U.S. LNG export plants at 18.5 Bcf/d so far in December, above November’s record. ^[9]
• Daily feedgas on Tuesday tracking about 18.6 Bcf/d, with higher intake at facilities including Cameron LNG (Louisiana), Freeport LNG (Texas), and Venture Global’s Calcasieu Pass (Louisiana). ^[10]

In other words, even when domestic weather turns less supportive, export pull is creating a floor under demand—and traders are reacting.

2) Demand forecasts jump for the next two weeks

Reuters also cited LSEG projections showing average demand across the Lower 48 (including exports) rising from about 127.9 Bcf/d this week to 136.0 Bcf/d over the next two weeks—an upward revision versus Monday’s outlook. ^[11]

That forecast shift matters because winter gas pricing is often determined at the margin: a few Bcf/d up or down can translate into sharp moves in futures when storage and weather risks are priced in.

3) But the weather headline remains bearish—at least for the next 10–14 days

Even with stronger LNG flows, the market is still fighting the same near-term problem: mild temperature outlooks reduce heating demand.

Reuters cited meteorologists calling for the U.S. to remain mostly warmer than normal through January 7, keeping heating-related consumption lower than typical for late December and early January. ^[12]

This push-pull—record exports vs. warm forecasts—is the core tension in natural gas today.

Supply side: record production keeps the market from panicking

The other reason today’s rebound hasn’t turned into a runaway rally is supply.

Reuters cited LSEG estimates showing Lower 48 U.S. natural gas output at a record 111.1 Bcf/d in December, beating November’s record pace. ^[13]

High production changes the psychology of winter trading:

• Cold risk still matters, but the market has more confidence that supply can respond
• Price spikes tend to fade faster unless weather is persistently extreme or infrastructure is disrupted

This is one reason the market can rally on demand revisions and export strength while still staying vulnerable to any fresh wave of “warmth-added” model runs.

A new power-market angle: offshore wind pause could keep gas more central to electricity supply

One underappreciated catalyst in today’s Reuters reporting: U.S. policy news that could affect power generation.

Reuters cited that the Trump administration suspended leases for five large offshore wind projects under construction off the U.S. East Coast, citing national security concerns. The report added that reduced renewable generation expectations could mean greater reliance on natural gas-fired electricity. ^[14]

This is not an immediate “tomorrow morning” demand shock, but it’s a meaningful narrative tailwind for natural gas: when reliability concerns rise, gas often regains strategic importance in grid planning.

Europe: prices ease as forecasts soften, but storage remains the big storyline

European gas pricing today is being pulled by weather expectations and the pace of winter storage drawdowns.

Reuters reporting (via LSEG data) showed:

• Dutch TTF front-month down to €27.36/MWh by 10:05 GMT on forecasts suggesting a potentially quicker end to a cold spell. ^[15]
• LSEG analyst commentary indicating ensemble forecasts shifted toward more normal levels for the first week of January, though uncertainty remains because other models still suggest colder conditions. ^[16]

On the fundamentals, Europe is not flashing the panic signals seen in past winters:

• Norwegian pipeline deliveries were cited around 343.5 million cubic meters/day, slightly higher day-on-day. ^[17]
• EU storage sites were cited at 66.89% filled. ^[18]
• LNG supply was described as likely “still a lot available in January,” even if holiday timing briefly reduces arrivals. ^[19]

Bottom line: Europe’s market tone today looks more like managed winter balancing than crisis bidding—and that helps cap global LNG spillover into U.S. pricing.

LNG market watch: Myanmar returns and Australia signals tighter domestic priorities

Two LNG trade developments worth watching beyond day-to-day futures moves:

Myanmar: a returning LNG buyer

Reuters cited Kpler expectations that Myanmar will resume LNG imports next year, after a more than four-year hiatus (following partial cargo delivery last month). ^[20]

Myanmar won’t move global prices alone, but it’s a reminder that LNG demand growth increasingly comes from smaller, price-sensitive buyers—which can matter in tight winters and shoulder seasons.

Australia: a gas reservation policy that could reshape east-coast LNG

Australia’s government has announced a new gas reservation approach beginning in 2027 that would require LNG exporters to set aside 15–25% of production for domestic use—designed to prevent shortages and reduce local price pressure. ^[21]

RBC analysis reported by The Australian described Santos-led GLNG as particularly exposed due to its supply profile and reliance on third-party gas versus peers. ^[22]

This is not an immediate December 2025 price mover—but in LNG, policy direction becomes today’s forward curve, influencing investment, contracting behavior, and long-term supply expectations.

Natural gas outlook: what traders are watching next

With Christmas week liquidity and weather volatility, the next several sessions are likely to hinge on three catalysts:

1. Weather model convergence
   • If late-January cold risk strengthens across major models, today’s bounce could extend.
   • If warmth persists or expands, rallies may fade quickly. ^[23]
2. LNG feedgas continuity
   • The market is leaning on near-record feedgas flows; any sustained drop (maintenance, freeze-offs, pipeline constraints) would show up fast in price. ^[24]
3. Europe’s storage and temperature trajectory
   • A renewed cold push or supply disruption can tighten the Atlantic LNG market, supporting U.S. exports and Henry Hub sentiment.
   • A mild Europe reduces urgency, keeping more LNG flexible and pressuring global benchmarks. ^[25]

References

1. www.bairdmaritime.com, 2. www.worldenergynews.com, 3. www.wsj.com, 4. www.bairdmaritime.com, 5. markets.businessinsider.com, 6. markets.ft.com, 7. www.worldenergynews.com, 8. www.investing.com, 9. www.bairdmaritime.com, 10. www.bairdmaritime.com, 11. www.bairdmaritime.com, 12. www.bairdmaritime.com, 13. www.bairdmaritime.com, 14. www.bairdmaritime.com, 15. www.worldenergynews.com, 16. www.worldenergynews.com, 17. www.worldenergynews.com, 18. www.worldenergynews.com, 19. www.worldenergynews.com, 20. www.bairdmaritime.com, 21. www.theaustralian.com.au, 22. www.theaustralian.com.au, 23. www.bairdmaritime.com, 24. www.bairdmaritime.com, 25. www.worldenergynews.com

HP Inc. (HPQ) declined in its latest intraday trading, under continued negative pressure as it trades below its 50-day SMA, reinforcing the stability and dominance of the main downward trend on the medium term, especially with its movement along a downward-sloping trend line. In addition, negative signals continue to emerge from momentum indicators, despite their arrival at extremely oversold levels.

Therefore we expect the stock price to decline in its upcoming trading, as long as it remains below the key resistance level at $25.95, targeting the pivotal support level at $22.25.

Today’s price forecast: Bearish