Silver tests key support: Buying opportunity or more downside ahead?
Silver remains one of the weakest-performing assets of the past week. COMEX silver futures have declined nearly 9% over the last seven days, marking their largest weekly drop since March.
At the moment, the futures market is driving most of silver's price action.
According to CME data, open interest in silver futures remains above 102,000 contracts, while trading volume exceeded 105,000 contracts per session last week.
At the same time, the July contract lost nearly 5,700 contracts in open interest, suggesting that a portion of speculative long positions has exited the market.
The current correction largely appears to be a liquidation of overcrowded bullish positions following silver's record rally earlier this year.
Can Silver hold its 200-day SMA support?
From a technical perspective, silver is currently trading near its 200-day simple moving average (SMA), which represents a significant support level.If the 200-day SMA holds, silver could attempt to test the next major psychological resistance level at $71,50.
The RSI (14) is approaching oversold territory but has not yet entered it, which may indicate that the current correction is not yet complete.
For this reason, traders should closely monitor the $67 level. A breakdown below this support could accelerate the decline toward the $63.80–$61.00 range.
Investor sentiment outweighs strong industrial demand
Silver remains a critical component in data centers, AI infrastructure, solar energy systems, electric vehicles, and consumer electronics.
Thanks to its unmatched electrical conductivity, reflectivity, and resistance to corrosion, the metal has become indispensable in many advanced technologies.
The main challenge for silver at the moment is not industrial demand but investor sentiment.
Following its record rally throughout 2025 and into early 2026, many market participants have begun taking profits.
Additional pressure is coming from rising yields on 10-year U.S. Treasury bonds.
Silver remains one of the most volatile precious metals. As a result, any changes in expectations regarding Federal Reserve interest rates or inflation could trigger sharp price movements in either direction.
The coming days could be decisive for silver. A successful defense of the $67 support level may attract buyers and trigger a rebound. However, a break below this zone could accelerate the correction as additional speculative positions are forced out of the market.
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