Silver Prices Plummet After Failing to Break Through $71 Resistance

Silver's recent rebound has fizzled out as downside risks grow. The metal has fallen sharply, giving back much of its recent gains after failing to push through resistance near $71. Silver now finds itself close to a support region around $63 to $64.

A break below this area could be problematic for the metal and may result in prices declining further, perhaps back towards the mid-$50s. The bearish trend in silver's price chart is becoming increasingly evident, with the recent breakdown of an uptrend established at the end of July.

The relative strength index had also formed an uptrend, which has now been broken as well. This suggests that the bullish move seen in August may be fading, with the trend potentially shifting from bullish to bearish.

Dollar strength is another factor contributing to silver's recent weakness. The dollar and silver were moving together heading into 2025, but their relationship shifted back to its more typical inverse pattern at the start of 2026.