Weekly Chart Reinforces Key Technical Levels

The weekly chart provides additional perspective, as the lows of the past couple of weeks have been finding support near the 50-week moving average, now near $63.64. This reinforces the potential for a durable support zone. Conversely, a decisive break below that area would strengthen the bearish outlook by confirming a loss of long-term support. The 50-week moving average has held as support since it was reclaimed in March 2024, except for a couple of weeks in April 2025 when price briefly traded below it.

Resistance Levels Hold the Key

Key near-term resistance is represented by the 20-day moving average near $70.16 and the recent lower swing high at $71.56. If those levels can be recovered, silver would have an opportunity to reclaim the long-term trend indicators and improve the broader outlook. Until then, however, the bias remains tilted to the downside.

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