Silver faces a critical test
Silver has rallied sharply in August and is now approaching a key technical resistance area. Bollinger Bands, RSI momentum and Fibonacci retracement levels suggest the next move could hinge on whether silver can extend towards $69.50 and $72, or fall back below support near $62.
Founder, Mott Capital Management
Silver rally approaches key resistance
Silver prices have risen sharply in August as technical trends have turned more favourable.
The metal is now approaching a strong area of technical resistance, which will be important in determining whether it can continue its advance.
Bollinger Bands and RSI signal caution
Silver has been trading above its upper Bollinger Band for the past few trading sessions, while the relative strength index (RSI) has risen to around 64, suggesting the metal is nearing an overbought level.
Still, the upper end of the Bollinger Band may prove to be a strong resistance level on its own. Additionally, silver has advanced to its 50% retracement level from the decline that began in late May. If the rally turns out to be just a retracement, it could still extend somewhat further, perhaps to the 61.8% retracement level around $69.50.
Silver with Bollinger Bands, January 2026 – present
Source: TradingView, 12 August 2026
$72 remains the upside level to watch
If silver is able to continue its advance, there is room for it to rise all the way back to $72.
That price previously served as support in April and early June, before becoming resistance in late June. It is likely to serve as resistance going forward as well.
$62 support is critical
A bearish sign for silver would come if it fell back below $62, a support-resistance area that silver recently broke above at the start of August.
Failure to hold that level would be negative and suggest that silver prices are due to fall further, perhaps back to recent lows around $55.
Silver support and resistance levels, January 2026 – present
Source: TradingView, 12 August 2026
Silver's next big move may be lower
Silver has continued to trade sideways as implied and realised volatility cool. A break below $54 could open the door to a move towards $49.50, while reclaiming $60 would be needed to revive upside momentum.
