Silver prices have fallen below the lows established in July, around $54.70, breaking that level on Friday 23 October. The price, which had acted as support for several months, could now become a major level of technical resistance. Silver could continue trending lower towards a range between $47 and $49.50. The metal has been in a downtrend since peaking in late August near $70.
The relative strength index (RSI) continues to trend lower. However, it remains above 30, suggesting that, despite the sharp decline so far, silver is not yet oversold and could extend its losses. Silver is also trading below its 10-day exponential moving average, which provides another level of technical resistance. For now, the downtrend remains intact.
Silver daily chart
Source: TradingView, 26 October 2026
For the most part, silver prices continue to reflect a stronger US dollar. The dollar index appears to be gaining momentum after emerging from what looks like a bull flag, potentially setting up a further advance. It also appears to be forming an inverse head-and-shoulders pattern, suggesting that more gains could lie ahead. If the dollar continues to strengthen, silver prices are likely to face further downward pressure.
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