The silver market is currently in a state of consolidation, with the price hovering around $72.94 after a volatile year. The metal experienced a dramatic surge to nearly $120 in January 2026, only to undergo a sharp correction that erased nearly half of those gains. This has led to a period of sideways trading within a defined range of $67–$70 support and $75–$79 resistance.
Technical indicators paint a cautious picture. The 30-period Simple Moving Average (SMA) is sloping downward, indicating prevailing bearish sentiment in the short-to-medium term. The Moving Average Convergence Divergence (MACD) indicator remains in negative territory, with its line below the signal line, suggesting bearish momentum is still present but may be losing steam. The market appears exhausted, awaiting a new catalyst.
Analyst Rashad Hajiyev presents a starkly bullish long-term counter-narrative. He interprets the drop from $120 as a correction within a larger bullish structure and outlines a three-stage rally with a potential cycle target of $300. His roadmap begins with an initial leg to $104–$106, followed by a shallow pullback, and culminating in a parabolic breakout above $140–$150 towards the $300 target. For this thesis to gain traction, silver must first hold support at $70 and achieve a daily close above the $80 resistance level.
This week's price action is seen as pivotal. A break above the 30 SMA near $75–$76 could pave the way for a move towards $79 and potentially $82. Conversely, a failure to hold the $70 support could trigger a rapid decline towards $67, $65, or even $62, retesting the lows of the recent correction. Underlying the price volatility, analysts note that fundamental demand from industrial sectors like solar panels and electric vehicles remains robust.
