Spotlight: Silver

2026-11-02

Silver is in freefall. The metal plunged 5.7% in Monday’s session alone and has shed nearly 7% on the week, with the broker quote now sitting at 50.165 — a dramatic collapse from the recent high of 61.85 printed just weeks ago. The scale and speed of the unwind, accompanied by well above-average volume, carries all the hallmarks of a liquidation cascade: leveraged longs forced out in waves, each stop-run feeding the next leg lower. Price is now pinned at the absolute bottom of its 20-day range, a condition that historically precedes either a capitulation low or a further acceleration — rarely anything in between.

The technical damage is severe. Silver trades far below its 50-day EMA at 59.08 and its 200-day EMA at 63.58, confirming that the intermediate trend has flipped decisively bearish. The RSI at 32.1 is approaching oversold territory but, notably, has not yet reached the sub-30 extremes where durable bounces typically form, leaving room for more pain before momentum exhausts itself. The critical level to watch is 48.84: a decisive break below would open the door to an air pocket with little visible support, while a hard rejection there could mark the washout low that bargain hunters are waiting for.

For the days ahead, expect elevated volatility and treacherous two-way price action. Aggressive traders may probe for a capitulation reversal near 48.84 with tight risk controls, but until silver reclaims at least the mid-50s, rallies should be treated as countertrend. The burden of proof lies squarely with the bulls.

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