Silver prices faced renewed pressure on Friday, slipping toward key support levels as rising Treasury yields and a stronger U.S. dollar weighed on the market. Spot silver closed at $48.74, while December Comex silver settled at $48.650, both falling below critical technical indicators. The next downside targets for spot silver are $46.48 and the October 28, 2025 low of $45.55.
The selloff was driven by higher Treasury yields, a firmer U.S. dollar, and strong expectations of a Federal Reserve rate hike. The Bureau of Labor Statistics reported a 0.3% rise in producer prices in October, though the annual rate climbed to 6.5%. Traders appeared to overlook the softer monthly reading, focusing instead on the Fed's likely response to Tuesday's hot CPI report.
Technically, spot silver remains in a downtrend, with the main trend only turning up above $53.78. The metal is trading within a 50% to 61.8% retracement zone of its all-time high at $121.67. December Comex silver also shows a bearish pattern, with key support near $48.54. A break below this level could intensify downward pressure.
For Monday, December silver's pivot levels are set at $50.465 (R3), $49.835 (R2), and $49.450 (R1) on the upside, with $48.690 (S1), $48.305 (S2), and $47.675 (S3) as support levels. The outlook remains bearish unless prices break above $53.73 for spot silver or $53.78 for December Comex.