Silver extended its losses on October 23, 2026, trading below the $54 support level after a 5.9% decline during the previous session. The move keeps the bearish structure intact, with lower highs and lower lows in place since August. A sustained break below $54 would turn the former floor into resistance and could open a path toward $50 to $49, with a deeper breakdown below $49 exposing the $46 area. Buyers would need to reclaim $54 and defend it as support to shift the outlook toward $58 and eventually $62.
The pressure on silver comes from several macro forces. Brent crude climbed above $110 per barrel after attacks in Saudi Arabia raised energy-supply concerns, while the Nasdaq fell 2.6% on October 22 as AI spending fears hit technology stocks. Although the benchmark 10-year Treasury yield fell below 5% in a flight to bonds, yields remain elevated enough to increase the opportunity cost of holding non-yielding silver. Industrial demand risks and a firmer US dollar in some sessions have added to the metal's vulnerability.
Veteran trader Peter Brandt is also watching the gold/silver ratio, which is testing resistance near 74-75. He shared a weekly TradingView chart showing an ascending triangle and wrote, 'Looks to me as if Gold/Silver might take a run at an ATH.' Brandt marked a potential measured-move target near 121.7, implying roughly 64% upside for gold relative to silver from current levels. That is a relative-strength call on gold, not a specific dollar forecast for both metals. The ratio has been creating higher lows beneath the 73-75 resistance zone, making a weekly break above that area the key confirmation.
Gold itself is trading near the $4,000 area. A stabilization above $4,000 and a recovery through $4,075-$4,100 could bring $4,150-$4,200 into focus, while a decisive break above $4,200 may reopen the path toward $4,300 and higher. On the downside, failure at $4,000 could extend the correction toward $3,950 and then $3,900. For broader risk assets, the combination of expensive energy, restrictive financing conditions and equity weakness remains the main macro channel to monitor.
