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Silver Price Outlook: Lagging or Leading Gold?

By :   Razan Hilal, CMT , Market Analyst
May 12, 2026 1:42 PM

Markets are reacting to the rise in US inflation data, with CPI at 3.8%, last seen in 2023, reinforcing a higher-for-longer rate environment.

Key Macro Drivers Impacting Gold & Silver

  • Silver’s recent 8% rally toward $86 is challenging gold’s relatively softer price action near 4,700
  • Markets are focused on the recent US CPI and its interpretation, with inflation risks skewed higher for longer
  • The Bank of Japan’s Summary of Opinions highlighted the near-term possibility of a rate hike, pushing Japanese bond yields toward 2.5%, the highest since 1999, and adding pressure on global bond markets
  • US 2-year and 10-year Treasury yields are hovering near yearly highs, weighing on gold below the 4,800 level
  • Crude oil prices stabilizing near $100 suggest a prolonged energy recovery, reinforcing inflation and yield expectations—factors that continue to pressure precious metals

From this perspective, silver’s rally may reflect a late-cycle catch-up move, potentially marking a final push higher before aligning with gold if macro pressures intensify. As markets absorb the broader impact of energy-driven inflation, both metals could face downside risks.

Recent insights on gold can be found in the latest StoneX video below.

This content was created by an affiliate of FOREX.com and represents the views and opinions of the author/speakers, not those of FOREX.com, StoneX Group Inc., or its subsidiaries. The content has not been independently reviewed by FOREX.com.

Silver Price Action: Daily Time Frame (Log Scale)

Source: Trading view

Silver’s bullish rebound from yearly lows near 61 remains intact within a strong uptrend, currently facing resistance near 87. Recent inflation dynamics have triggered a pullback toward the 83 level, now acting as a key pivot.

Key Scenarios to Watch

Bearish Scenario:

  • A breakdown below 83 would increase downside pressure toward 81, 79, and 77, aligning with the lower bound of the prevailing uptrend
  • A deeper correction could extend the broader downtrend from February 2026 highs, targeting 70, 63, and potentially 48, presenting longer-term buying opportunities

Bullish Scenario:

  • A breakout above 87 would extend gains toward the upper channel resistance near 91.50
  • A sustained move higher could trigger a stronger bullish breakout toward the 98–100 zone, although this may also increase the risk of a sharp pullback

Written by Razan Hilal, CMT
Follow on X: @Rh_waves

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