Silver Price Bulls Face Reality Check at Major Resistance Level
The silver price has been recovering from its recent lows, but not everyone is convinced that the market is ready for another major rally. According to Prof Investor, many silver bulls are getting ahead of themselves and celebrating too early.
Prof Investor believes that until the silver price breaks above $68, the bigger bullish case remains unconfirmed. Silver has been trading at $63.64 after dropping 5.23% on the latest weekly candle, hitting a high of $68.11 before falling back to $63.51. This rejection near resistance is a big reason analysts are still cautious.
The silver chart shows that it has come a long way over the past two years, climbing from roughly $12 in 2024 to nearly $120 at its peak in early 2026. The correction looks like it's forming a descending wedge pattern, but nothing is confirmed yet. The breakout still needs to happen.
The level of $68 is crucial for silver bulls, as the chart shows why. Silver traded as high as $68.11 during the latest weekly range but couldn’t hold above it. That area lines up closely with the downtrend resistance that’s been controlling the market since the correction started.