Silver Price Forecast: This Week, Next Week and 2026

The charts are drawn by Karsten Kagels himself in the silver spot price (XAG/USD). The last export was on 24 October 2026 at 21:06 CEST, and each caption names its own state.

On the 4-hour chart the break of the local low at $55.38 is easy to see. A 4-hour candle closed below it, which is why the line is drawn as a level. After that came the follow-through to the new yearly low at $53.01.

For the start of the week a stabilization around $54 could be due. From the low a moderate recovery tendency is running. Whether the July low at $54.78 and the local low at $55.38 are won back remains to be seen. If that succeeds, the upper limit of the trend channel should be approached; a trend channel consists of two parallel trend lines. There the further development remains to be seen.

If the weakness continues, the 2011 high is the next target. It is at $49.83 and is the breakout level of the move at the start of the year. Continued weakness therefore aims more at this level already next week.

During the week further downward pressure showed, especially on Thursday and Friday. At the end of the week the July low at $54.78 came under pressure and was broken on Friday with a new yearly low at $53.01.

A slight counter-move was not enough to defend the price above $54. The weekly close is at $53.83, just above the new yearly low. That supports the downward tendency established since September.

As long as the blue resistance line holds, the 2011 high stays an active price target. The 2011 high at $49.83 is the breakout level of the move at the start of the year. Above and below the market lie the important support and resistance levels, among them the 2025 high at $83.76, the March low at $61.02 and the 2012 high at $37.50.

An explosion cannot be read from the chart. After the new yearly low the pressure keeps pointing down. Three conditions describe what comes next. Each names what has to happen and what ends it; they are orientation levels, not order rules. The signals are currently mostly negative.

What counts is the daily close in the spot chart shown above. That means the close of the daily bar in the TradingView chart of silver (XAG/USD, symbol TVC:SILVER). 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, with a negative tilt. The price is at $53.83, below the July low and the broken local low at $55.38, and about $0.82 above the new yearly low at $53.01. Neither the bearish nor the bullish path is confirmed.

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

In the weekly chart January shows a clear downward thrust from the 2026 high. Since then the price has been volatile, and the weekly candles have become somewhat smaller from mid-March. Still, a downtrend structure remains visible, which the new yearly low at $53.01 has confirmed further. Last week opened at $56.94 and closed at $53.83, about 5.5 percent lower.

The sideways phase between about $55 and $70 has been left to the downside. The week closed below the July low at $54.78. The March low at $61.02 is still drawn in the weekly chart and lies above the price, with the resistance zone of the September high at $68.32 and the August high at $71.16 far above. A first positive turn needs a rise above the September high; a clear one, a break above the whole zone.

The focus is on the jobs market and the Fed. The Fed rate decision on Wednesday, 28 October, is the next date; the jobs report follows on 6 November. Both can influence the direction; what counts are still the daily closes at the levels above.

Wednesday, 28 October, 2:00 p.m. New York time (19:00 CET): Fed rate decision (FOMC calendar), covered in our Fed rate decision guide.

Friday, 6 November, 8:30 a.m. New York time (14:30 CET): US jobs report for October (BLS schedule).

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

The monthly chart scales the move since the all-time high a bit finer. A series of lower highs is visible: $121.65 in January, $71.16 in August, $68.32 in September. In October the new yearly low at $53.01 was added; it lies below the July low at $54.78, which had been the yearly low until then. The monthly close in October is telling: if it is below the July low, further weakness is to be expected. The target is first the 2011 high at $49.83, the breakout level of the move to the all-time high and currently the most important support.

After the 2026 high, which is also the all-time high, the price has kept giving way. The year 2026 opened at $72.39, ran to the all-time high at $121.65 and fell to a new yearly low at $53.01. Silver now trades at $53.83, close to this low. The next two important supports are the 2011 high at $49.83 and the 2012 high at $37.50.

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 $37.50 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.