CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open Account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open Account
✖

Silver Slide Tests Trendline Support, $60 Handle

By :   James Stanley , Sr. Strategist
October 12, 2026 4:56 PM
Silver Talking Points:
  • The slide in silver has continued and the metal is currently down by more than 50% from the January high.
  • It took 14 years for Silver to take out the $50 level after coming less than 20 cents away from that price back in 2011.

The pent up breakout hit with a fury last year as breakout at $50 led to a move that more than doubled over the next few months. Silver had a full head of steam into the 2026 open and in short order the metal was already testing above the $120/oz level. But what started as a pullback soon turned into a reversal, helped along by the fear of inflation from higher oil prices in March.

Since then it’s been about as non-ideal of a backdrop as possible for the long side of metals, as higher inflation has driven more-hawkish policy, while US Treasury yields have jumped to fresh decade or multi-decade highs along the curve. And while the pullback has been sizable in metals, what is perhaps more notable is how well support has come into play. With gold, it was the fight at the $4k handle. In Silver, it’s been the $60 level so far and perhaps most notable is the fact that the $50 level hasn’t even come into play as support with buyers stepping in ahead of a test there.

Silver Weekly Chart

Chart prepared by James Stanley; data derived from Tradingview

Silver Structure

Last week saw a single daily close below the $60 level in Silver, and so far that’s produced a bounce, but from the daily chart below, structure is still bearish as that poke below the big figure was a lower-low and that goes with a prior lower-high. This does a couple of things as it helps to provide existing structure but it also shows what bulls need to beat if they want to re-take control, and the prior swing of support-turned-resistance at 62.45 stands out as the level that buyers need to push through to produce a higher-high.

And for higher-low support, the $60 level stands out as a potentially big spot, with 59.23 below that and then the current low of 58.73 marking invalidation for bullish scenarios.

Silver Daily Chart

Chart prepared by James Stanley; data derived from Tradingview

--- written by James Stanley, Senior Market Analyst, Global Macro

StoneX Financial Ltd (trading as "FOREX.com") is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, FOREX.com does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date.


This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it. No opinion given in this material constitutes a recommendation by FOREX.com or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.


The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although FOREX.com is not specifically prevented from dealing before providing this material, FOREX.com does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. For further details see our full non-independent research disclaimer and quarterly summary.


CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

FOREX.com is a trading name of StoneX Financial Ltd. StoneX Financial Ltd is a company incorporated in England and Wales with UK Companies House number 05616586 and with its registered office at 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is authorised and regulated by the Financial Conduct Authority in the UK, with FCA Register Number: 446717.

FOREX.com is a trademark of StoneX Financial Ltd. This website uses cookies to provide you with the very best experience and to know you better. By visiting our website with your browser set to allow cookies, you consent to our use of cookies as described in our Privacy Policy. FOREX.com products and services are not intended for Belgium residents.

© FOREX.COM 2026