Silver’s fundamental backdrop is defined by persistent supply deficits and rising industrial demand, while its daily chart remains inside a broad range. According to analyst Lukas Ekwueme, silver recorded supply deficits from 2021 through the 2025 estimate, with shortages of about 250 million ounces in 2022, roughly 200 million ounces in 2023, and more than 100 million ounces in 2025. Industrial demand has climbed to approximately 67% of total silver supply, and cumulative deficits now exceed one year of mine production.
Technically, silver has been trapped between about $63.2 and $71 since August 10. A break below $63.2 could open downside toward the $53 to $50 area, which analyst Winston Wolfe also identifies as broader support. A move above $71 could target $77, with $89 as a further upside level. Wolfe’s longer-term chart places major resistance near $121.94.
Gold, meanwhile, is trading around $4,430 and testing its 200-day moving average near $4,537. World Gold Council data shared by The Kobeissi Letter showed central banks were net buyers of 23 tonnes of gold in July, marking a fourth consecutive month of net purchases. China added 20 tonnes, while Poland added 8 tonnes. Central banks have now accumulated roughly 130 tonnes in 2026, compared with about 160 tonnes at the same point last year. The Bank of Korea also disclosed a $250 million position in SPDR Gold Shares, its first reported gold investment in about 13 years.
For gold, bulls need to reclaim $4,500–$4,540 and then push through $4,650–$4,700. A larger recovery could extend toward $4,800 and eventually $5,000. Failure to hold current levels could see a test of $4,300, with $4,000–$4,100 as the critical downside support. The daily RSI is near 52, suggesting neither overbought nor oversold conditions and leaving the price action itself as the primary driver.
