Silver is under severe technical pressure after breaking below a critical $64.50 support level on Wednesday, trading near $58.20 per ounce. The white metal has plunged over 50% from its January 2026 all-time high of $121.67 and shed 22% in the past month alone. The weekly breakdown marks the most significant technical failure of the year, with the metal falling below its 50-week moving average for the first time since December.
Analysts now see a path toward $42.16, where the 200-week moving average sits, with an extreme downside target of $28.27 representing another 50% decline from current levels. Near-term support rests at $54.57, while overhead resistance has formed at the broken $64.50 level. A potential death cross between the 50-day and 200-day moving averages adds further bearish weight.
The bullish case requires silver to reclaim the $67-$70 moving average band and post a weekly close above $65 to stabilize.
FXnCO Insight
Traders should treat any rallies as counter-trend bounces until silver decisively reclaims $67, with downside risk remaining elevated toward multi-year support levels.
Source: Finance Magnates