Usman Salis
SIK26 silver futures - the May 2026 COMEX contract - are flashing a rare warning sign. As Barchart noted, silver is on track to close a month in the red for the first time since April. The move follows a powerful multi-month rally that pushed prices sharply higher before stalling near the key $90 mark. Silver Price Analysis Highlights 175% Rally From 2022 to 2025 puts the scale of that run in perspective.
The monthly chart tells the full story. Silver climbed steadily from the mid-$20s through 2024, then accelerated hard into 2025 and early 2026, stacking consecutive green candles and closing in on the psychological $100 barrier. It was one of the strongest bullish stretches in the precious metals space in years. Silver Price Jumps 6% and Eyes $100 as Momentum Builds captured that final surge in real time.
A red candle after an extended green streak is a market catching its breath - not a market changing its mind.
Now, the current monthly candle looks set to flip negative. That kind of pause after a long run is normal - markets digest gains before deciding what comes next. The real question is what happens around the $89-$90 zone. According to Silver (XAG) Price Analysis: Break Above $89 Could Target $120 to $150, clearing that level cleanly could open the door to a much larger move higher.
Even if SIK26 ends the month lower, the broader chart structure stays bullish. Big commodity rallies always pause near round numbers - that is how trends work. A single red candle near $90 is a consolidation, not a reversal. Silver is still trading at historically elevated levels, and the long-term momentum behind the move remains intact.
Usman Salis
