Silver Price Forecast: Bullish Momentum Faces Major Resistance
By Bruce Powers | Published: Aug 24, 2026
Overview
Silver's bullish momentum is showing signs of improvement, but it faces significant resistance from the 200-day moving average and a long-term uptrend line. These technical indicators will be crucial in determining whether the current price advance can lead to a more substantial reversal or if it will remain part of a broader corrective structure.
Current Market Conditions
Silver struggled to maintain its position above the 100-day moving average, resulting in a consolidation phase. The bullish trend remains intact, and a breakout above the recent high of $69.92, followed by surpassing the trend high of $70.02, could set the stage for testing resistance around the 200-day moving average, currently positioned near $72.03.
Resistance Levels
A resistance zone near the 200-day moving average is reinforced by the lower swing high of $71.56 from June and the 50% retracement level of the previous downtrend at $72.08. This convergence of resistance levels is significant, especially since the 200-day moving average has previously failed as support. The upcoming test of these levels will be critical for silver's price trajectory.
Technical Patterns
Silver has recently broken above a downtrend line, indicating a bullish reversal pattern known as a falling wedge. The initial target from this pattern is near the record high of $121.67, achieved at the end of January. However, before reaching this long-term target, silver may first aim for the 61.8% Fibonacci retracement level of the recent downswing at $76.6.
Conclusion
The approaching 200-day moving average and the long-term uptrend line will serve as critical tests for silver's bullish momentum. The outcome of these tests will determine whether the current price action leads to a significant reversal or continues within a corrective structure. Traders should closely monitor these levels for potential trading opportunities.