Silver Price Forecast: $67.47 Breakout Targets $72.81
Author: Bruce Powers
Published: September 7, 2026
Current Market Overview
As of the latest update, silver is trading at approximately $65.92, reflecting a decrease of 0.96%. The market is observing a critical support level at $63.31, which is pivotal for a potential bullish reversal.
Technical Analysis
Support and Resistance Levels
Silver has formed a higher swing low at $63.31 after testing support near the previous swing high of $63.28. A break above the resistance level of $67.47 could lead to targets of $71.56 to $72.81, with a further potential target at $76.16.
Indicators Supporting the Bullish Outlook
Two key indicators reinforce the significance of the support at $63.31: a lower swing high from early July and a declining trendline converge at this level. Additionally, the 50-day moving average, currently at $62.14, is showing signs of upward movement after a period of stability.
200-Day Moving Average
The current price action represents the first pullback to test the 200-day moving average as resistance since a drop below it in June. The resistance encountered during the recent advance suggests that further testing of this average is likely.
Channel Formation
There are indications of a rising channel forming since the July low, suggesting that silver could target the $71.56 to $72.81 range while remaining within the channel's boundaries. The confluence of several indicators, including Fibonacci retracement levels, supports this bullish outlook.
Weekly Chart Insights
A bullish doji hammer candlestick pattern has emerged on the weekly chart, indicating potential for a breakout above last week’s high of $67.47. This breakout would not only confirm short-term strength but also signal a bullish reversal on the weekly chart, enhancing the significance of the current upward movement.
Conclusion
If the support at $63.31 holds and silver breaks above $67.47, it could lead to a significant upward movement, with targets set at $71.56 and $72.81. Traders should monitor these levels closely for potential trading opportunities.
About the Author
Bruce Powers is a senior analyst with over 20 years of experience in financial markets. He holds an MBA and is a CMT® charter holder, having worked in various roles including head of trading strategy at hedge funds.