Silver Price Forecast: This Week, Next Week and 2026

In the daily chart silver has barely moved since September 28. The daily bars sit in a narrow sideways phase between about $60 and $62.45. Today silver opened at $61.395, rose to $62.05 and fell to $60.57; at 15:33 CEST it trades at $61.56.

The daily close keeps crossing the March low. On Friday, October 2, silver closed below the level of $61.21, and on Monday back above it. That is not a confirmed break to the downside; under the rules below, the state is currently wait.

The medium-term downtrend line still caps the market. It is drawn in white, starts at the May high and runs at about $65.5 today; silver failed at it in August and September. Important support and resistance levels sit above and below the market, among them the 2025 high at $82.67 and the 2011 high at $49.82.

In the six-hour chart silver keeps swinging around the March 2026 low. The level at $61.21 sits in the middle of the range of recent days. On October 2 and October 5 the price rose to the resistance at $62.45 and did not get above it; the low of October 2 at $59.985 has not been reached again since.

There is little movement in the market overall, but a breakout will come. It could also have force. The odds currently lean to the upside; that is only confirmed by a daily close above $62.45. Above it, $65.505 and the downtrend line sit close together.

An explosion cannot be read from the chart, but a strong breakout is possible. Three conditions describe which way it leads. Each names what has to happen and what ends it; they are orientation levels, not order rules. The odds currently lean to the upside.

What counts is the daily close in the SI1! chart shown above. That means the day's settlement price, which TradingView shows as the close for futures by default. A close exactly on a level does not count as confirmed. The weekly close comes on top as extra confirmation.

The current state is wait. The daily close on October 2 was below $61.21 and confirmed the bearish path; the close on October 5 was back above it and ended that path.

No scenario is a guaranteed price target. They are conditional chart readings, and trading can lead to losses.

In the weekly chart silver has broken out of a sideways range of several weeks to the downside. This is the chart of October 2; the week closed below the March low. The price target to the downside remains the 2026 low at $55, with $56.705 on the way. It only becomes valid again with a daily close below $61.21, because silver has traded above it since Monday.

Only a rather unlikely rise above the September high would turn the chart picture positive. The September high is $68.98 (header of the monthly chart of 28 September; the week from 28 September only reached $64.66), with the resistance levels at $65.505 and $68.055 below it.

On October 2 the US jobs report moved the price. According to the Bureau of Labor Statistics, September added only 29,000 jobs; according to FXStreet about 90,000 were expected. Kitco linked the rise in silver afterwards to a lower probability of a rate hike in October. According to BullionVault silver gave the gain back during the day.

The next important dates: the minutes of the Fed meeting of 15 and 16 September on Wednesday, 7 October, at 2 pm New York time (20:00 CEST), according to the Federal Reserve calendar; US consumer prices for September on 14 October at 8:30 am New York time (BLS schedule); and the next Fed meeting on 27 and 28 October, covered in our Fed rate decision guide.

This part is written for readers who look beyond the week. It is reviewed at the start of the month, not daily.

The long-term picture in the monthly chart is clouding over. The consolidation in the form of a large sideways range in 2026 is clearly visible, with lower highs: most recently at $72.05 in August and at $68.98 in September. Below, the March low and the 2026 low at $55 limit the range.

The yearly chart shows the next two important supports. They are the 2011 high at $49.82 and the 2012 high at $37.58. The year 2026 opened at $71.50, ran to the all-time high at $121.785 and fell to $55.

For 2028 what matters is whether these supports hold. A price target for 2028 cannot be derived from the chart in a serious way. As long as silver stays above the 2011 high, the long-term uptrend is not at risk; below it the 2012 high at $37.58 comes into view.

I do not give a fixed price target for 2030. Four years are a long time in the silver market, and in 2026 alone the distance between high and low was more than half the price. What counts for me is whether the big supports hold. On the fundamental side, according to the Silver Institute, the market was in a supply deficit every year from 2021 to 2025.