Silver prices, having surged at the beginning of 2026, are now experiencing a corrective phase. As of October 10, 2026, the XAG/USD pair stands at $60.82, with a noticeable loss of momentum on the weekly chart. Market observers suggest that continued selling pressure could lead to a retest of the $54.76 level in November.
Downside Risks Emerge in Weekly Indicators
Market analyst CyclesFan points out that the lower line of the weekly Bollinger Band is currently positioned at $54.76. According to the analyst, silver has lost strength after reaching its 2026 peaks and is fluctuating between $60 and $65 on the weekly chart.
CyclesFan notes that the lower band of the Bollinger Band could persist at $54.76 until November, and that if prices settle above the 20-week moving average, the bearish scenario might weaken.
The rapid ascent in early 2026 has given way to lower highs. Recent recovery attempts have failed to re-establish previous upward momentum, making the weekly lower band a critical reference point if the selling persists.
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Sharp Correction Follows 2026 Peak
On the long-term chart, silver recorded a gradual rise throughout 2024 and 2025, with a conspicuous acceleration towards the end of 2025 and the start of 2026. During this period, prices climbed to around $95, marking a steeper increase than previous years.
Following this rise, a strong correction ensued. Prices fell significantly below their annual highs, and the recent rebound did not fully recover the previous losses. The chart structure indicates a struggle to restore the upward trend.
A weekly close above the 20-week moving average could open a reassessment of the short-term bearish outlook.
Money Flow Indicator Turns Negative
Momentum is also showing signs of weakening. The Chaikin Money Flow indicator dipped below its zero line this week, registering a reading of negative 0.08. This suggests that selling pressure has surpassed buying interest in the observed timeframe.
The increase in trading volume during both the stark climbs and subsequent pullbacks evidences sustained market participation. This scenario denotes a period of strong price fluctuations, with keen observation on whether buyers will step in as prices approach the $54.76 area.
Conversely, a sustained climb above the 20-week moving average could weaken the current bearish expectations. For now, the long-term correction continues, with momentum indicators presenting a cautious outlook.
