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Silver’s historic surge hits a wall as volatility explodes

By :   David Scutt , Market Analyst
January 15, 2026 2:13 AM
  • Record highs give way to a clean uptrend break
  • Selling accelerates despite strong macro tailwinds
  • Heavy retail involvement likely behind the wild volatility

After an epic four‑day percentage gain not seen since 2008, the bullish trend in silver is looking shaky with the price slicing through uptrend support running from the January 9 lows, delivering upon the three‑candle bearish reversal pattern that printed on the hourlies and bearish divergence with RSI (14) beforehand.

The uptrend break delivered an initial powerful downside move, seeing the price plunge to support at $86.24 before bouncing back towards $89.15. The latter has seen plenty of action over recent days, providing a level to set trades around depending on how the near‑term price action evolves.

Source: TradingView

If the bullish trend is over with the price unable to push back above $89.15 towards the uptrend, shorts could be established beneath the level with a tight stop above for protection, targeting $89.24 support initially. If that were to be broken, downside levels to watch include $84.60, $83.67 and $82.76 given each acted as support and resistance for short periods during the bullish move. $80.50 and $79 should also be on the radar if the unwind really gets a wriggle on.

However, as we’ve seen many times before this breakdown, bearish moves don’t often last long in silver, so another torrent of dip‑buying cannot be ruled out. If the bulls step in and bid the price back above $89.15, it would open the door for fresh longs to be set, targeting the former uptrend initially with $92 and record high of $93.61 additional options after that.

Even though I’m putting little weight on the mixed messaging from RSI (14) and MACD when it comes to directional risks, there was bearish divergence between the former and price before the plunge, providing an early warning sign that strength behind the bullish move was fading. That’s something to make note of regardless of what direction of travel silver chooses to go next.

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