8 October 2026 | Daily chart
Silver’s downtrend brings the summer lows back into focus
Silver futures remain under pressure after losing the support that held during September. The recovery from the July low stalled around $70 in August, and the daily chart has since formed lower highs and lower lows.
After a hopeful August, there has been no follow-through since the big red day on the 28th of August, after Kevin Warsh, the FED chair, came out with his hawkish remarks at the Jackson Hole Summit.
The trend still favors sellers, but price is now approaching a support zone, so are there any trades we can get ready for?
Key levels to mark on the chart
| Level | Importance |
|---|---|
| $68–$70 | Prior rally highs |
| $60–$62 | Recent consolidation; first area bulls need to recover |
| $56–$58 | Major support zone around the June and July base |
What does the daily chart tell us?
The move below the mid-$60s weakened the August recovery. Price then spent several sessions around $60–$62, but that pause has not produced a sustained bounce. The latest candle is trading below $60 again.
That makes $60–$62 the first recovery test. A move back above $60 would bring price into the recent consolidation, while a daily close above $62 would provide stronger evidence that the immediate selling pressure is easing.
Right now, it looks very likely that bears will push price into the $56-$58 support zone, and from there, it is when we will start watching silver again for a reversal signal. So for now, we are sitting on our hands waiting.
Possible Trades
If support holds: A reversal in the form of a candlestick pattern or consolidation period, then a bounce.
If support fails: If this support fails, a short can be taken below $56 with targets set at $50.
Take Advantage of This Silver Trade at OneUp Trader
This analysis is for educational and informational purposes only and does not constitute trading advice or a recommendation to buy or sell any futures contracts. Futures trading involves significant risk and may not be suitable for all investors. Always conduct your own research and consult with a licensed financial professional before making trading decisions.
