Silver futures are showing increased volatility as November trading kicks off, with prices hovering between $52.5 and $54 per ounce. The immediate resistance level is identified near $54.5 to $55, and a decisive breakout above $55 could push prices toward $60 or higher, according to major desk forecasts.
Technical support is currently holding around $49 to $50, with deeper support near $45.80 to $47. Traders are closely watching the $50 level, as failing to sustain above it could lead to further declines into the mid-$40s.
The silver market is experiencing its sixth consecutive annual deficit, with demand projected to outpace supply by 46.3 million ounces in 2026. Since 2021, cumulative shortfalls have exceeded 760 million ounces, depleting physical inventories and exchange reserves. Global mine output remains flat, limiting the ability to increase production quickly.
Over 70% of silver is produced as a by-product of base metals like copper, lead, and zinc. This means miners cannot easily ramp up silver production without expanding primary base-metal operations, further tightening supply constraints.