I asked if silver's price action will be a bucking bronco in a July 3, 2026, Barchart article where I concluded with the following: Silver is a trading market, not an investing market, in early Q3 2026. Any new risk positions should have a clear risk-reward profile with profit horizons and commensurate stop levels. I expect silver's price to remain a bucking bronco over the coming weeks and months.
Dollar Ends Higher Despite Dovish US CPI Report Dollar is Undercut by Dovish US PPI Report Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. Nearby COMEX silver futures prices were just above $62.75 per ounce on July 6, 2026.
Silver fell to a lower 2026 low before recovering to around $66 on August 12. COMEX silver futures have been in a bearish trend since reaching their all-time high of $121.785 per ounce on January 29, 2026. The daily continuous COMEX silver futures chart shows that silver continued to make lower highs and lower lows, reaching its latest low of $55.00 per ounce on July 17.
Silver recovered to $66 per ounce on August 12. For 45 years, COMEX silver futures remained below its 1980 high of $50.36 per ounce. The futures finally eclipsed the long-term technical resistance in October 2025, and more than doubled in price by January 2026.
The long-term technical resistance at $50.36 has become critical technical support as silver prices plunged after the early 2026 high. The quarterly continuous COMEX silver futures chart shows that while silver prices more than halved and fell by 54.8% to the July 2026 $55 per ounce low, the critical technical support for the bullish trend since the 2020 low of $11.64 remains at the 1980 high of $50.36. Therefore, silver is in a bearish trend since January 2026, but the long-term bullish trend remains intact.
The factors supporting higher silver prices include: The Silver Institute's World Silver Survey 2026, released in April 2026, reported that 2026 is the sixth consecutive year of a deficit, where silver demand is higher than supply. The 2025 deficit was 40.3 million ounces, and silver above-ground stocks have declined by 762.1 million ounces since 2021. Silver demand is rising due to its electrical conductivity, making it a critical metal for artificial intelligence hardware, data center construction, and EV electronics.
Extract — continue reading at the source.
