Silver Price Takes a Hit, but Analysts See Room for Growth

Silver prices took a hit on Friday, closing out the week down 2.51% at $57.77 per ounce. This puts the white metal about 7.49% below its 50-day moving average of $62.45, sparking concerns that the recent uptrend may be losing steam.

The decline stood out against a stronger session for other industrial metals, with platinum up 3.5%, palladium climbing 2.7%, and copper adding 2.9%. This suggests the selling pressure on silver was specific to the metal itself rather than a broader weakness in demand.

Chart analysts see the current price action as a base-building phase between $50 and $54.50. A sustained push above the psychologically important $60 level could open up target zones stretching from $60 to $80, according to technician Hyerczyk.