Usman Salis
After rallying hard through mid-2025, silver hit the brakes in late October, pulling back from highs near $56 down to the mid-$40s. But the metal has found its footing again. Trading around $48.79, silver has bounced right off the lower edge of its long-term rising channel—a sign that buyers are still in control and the correction might already be behind us.
Technical Picture: Rising Channel Remains Intact
According to Sachit Tuli, EWA technical analysis, silver is still trading within a well-defined ascending channel that's been guiding prices since early May. The recent pullback tested the lower channel line perfectly and sparked a rebound that fits nicely into the broader Elliott Wave pattern. The chart suggests silver may have wrapped up a Wave 4 correction and could now be kicking off a Wave 5 advance—potentially pushing toward $55–$57 if momentum holds.
What's Next: Key Levels and Price Targets
- Support Zone: $45.40–$46.00 (channel base and previous consolidation area)
- Immediate Resistance: $48.70 (short-term breakout level)
- Critical Support: $44.30 (invalidation point; a break below would signal deeper consolidation)
- Upside Targets: $52, then $55–$57 (upper channel boundary)
Why It Matters: Fundamentals Support the Move
The technical bounce is backed by solid fundamentals too—a weaker dollar, growing industrial demand from solar and EV sectors, and silver's renewed appeal as an inflation hedge are all working in its favor.
If silver holds above $46 and breaks decisively above $48.70, we could see another strong rally phase unfold. But if it slips below $44.30, the bullish setup falls apart and silver might need more time to build momentum before making another run higher.
Usman Salis
