Silver fell below $59 per ounce on Wednesday, extending a decline that has erased much of its recent rebound. The move came amid a broader precious-metals sell-off tied to higher U.S. Treasury yields, a stronger dollar and renewed expectations that the Federal Reserve may keep interest rates elevated for longer.
Analyst Ian Cooper warned that silver’s technical structure had been weakening for more than a week. He had been watching $59.62 as the critical short-term level; after price fell through that zone, the setup deteriorated. Cooper noted that silver had entered a descending channel after late-August highs near $71 and had recently consolidated between roughly $60 and $61.70. With that box broken, the next major support sits around $54, followed by a broader bottoming area in the high $40s. The daily RSI near 37 is weak but not yet deeply oversold, leaving room for further downside.
Macro conditions are adding pressure. Treasury yields have moved back toward multi-decade highs because traders remain concerned about inflation, government debt and possible additional Fed tightening. A stronger dollar makes dollar-priced commodities more expensive for foreign buyers. Rising crude prices are also contributing to inflation fears, which could keep bond yields elevated and reduce the likelihood of rate cuts.
Separately, a long-term forecast from THE FUDA maps a volatile path for silver through 2030. The projection starts from a proposed bottom near $50, followed by a five-wave advance toward $500, a deep correction toward about $250, and a final rally beyond $1,100. The analyst also links the scenario to gold trading near $18,000, implying a gold-to-silver ratio of about 16.4.
In the immediate term, silver has recovered slightly above $60 after a dip near $58. The weekend outlook depends on whether $60 holds; continued support could allow a move toward $61 or $62, while a break below $60 would refocus attention on $59 and $58.
