Spotlight: Silver

2026-06-08

Silver has been in freefall, cratering 3.4% on Monday to trade at $66.60 as relentless selling pressure drove volumes to an extraordinary 13.5 times the daily average. The metal has now shed over 11% in just one week, collapsing from nearly $89 in a punishing decline that has left traders scrambling for the exits. At current levels, silver sits a mere 30 cents above its 20-day low of $66.30, a line in the sand that bears will look to breach in the sessions ahead.

The technical picture is unambiguously bearish. Price has fallen dramatically beneath both the 50-day exponential moving average at $76.42 and the 200-day EMA at $78.04, confirming a structural breakdown across multiple timeframes. The relative strength index has plunged to 20.6, deep into oversold territory and reflecting the kind of indiscriminate liquidation typically associated with capitulation events. Silver’s position within its 20-day trading range sits at just 1.3%, meaning virtually all recent buyers are underwater.

What makes this move so significant is the volume conviction behind it. Massive participation on the downside suggests institutional repositioning rather than thin-market noise, and breakdowns of this magnitude rarely resolve with a simple V-shaped recovery. The $66.30 level now represents the last identifiable near-term support, and a breach could accelerate losses toward the $63 region.

Looking ahead, traders should watch for either a decisive break below $66.30 or signs of exhaustion selling that might produce a short-covering bounce. Given the depth of the RSI reading, a brief technical relief rally is possible, but any recovery into the low $70s would likely meet fierce overhead resistance.

Source and Copyright: Traders’ Leadership Council, 2026. Strictly no trading advice.