The Silver (XAG) price is sliding again, and traders are watching one level more than anything else right now. Spot silver is down hard, and the chart is starting to look shaky after a weak bounce.
Analyst Gareth Soloway, who runs VerifiedInvesting.com and has over 236k subscribers on YouTube, says the market is now sitting right on a key support zone. For him, the next move depends on one simple question: does $71 hold, or does it crack?
Silver just dropped around 13% in a single day. That is not a normal move, even for a volatile metal.
Soloway pointed out that the bounce after the last drop was small. Silver pushed higher, but buyers did not step in with much strength. The rally stopped early, and price rolled over fast.
In his view, this kind of bounce tells a clear story. After a big spike, the market is still unwinding. When excitement fades quickly, it often leaves silver stuck in a messy zone before the next big leg happens.
What you'll learn 👉
The $71 Level Is the Line That Matters For Silver
Soloway keeps coming back to the same area: $71 to $71.50. This is the support that stopped the last selloff. It is also the level traders are using as the main reference point now.
If the silver price stays above it, the market may still have time to stabilize. But if silver breaks below $71 on spot prices, Soloway believes the downside opens up quickly. That is the trigger point.
Analyst Target: Silver Could Drop Toward $54
If $71 fails, Soloway says the next major target sits far lower, near $54. This level is not random. It connects back to long-term resistance and support lines that stretch across decades, going back to the 1979–1980 highs and the 2011 peak.
On the bigger chart, $50 to $54 becomes the zone where the silver price could finally find a strong base again. Soloway called it a level where long-term buyers may start paying close attention.
Furthermore, Silver’s earlier move higher was not slow and steady. It turned into a sharp emotional run.
Soloway explained that the parabolic jump was driven by greed, short squeezes, and hype buying. When markets move that fast, they usually snap back.
Once the excitement fades, the drop can be just as violent. That is what silver is going through now: the unwind after a blow-off move.
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What Happens If Silver Holds Instead
Soloway also laid out the other side. If the silver price stays above $71 and manages to reclaim strength, the first level to watch is around $92.50.
If price clears that, the next upside area sits near $103, which lines up with a deeper Fibonacci retracement zone. A move beyond that could reopen the path toward the previous highs near $121.
But in the near term, Soloway sees the downside levels as more important, since the bounce has been so shallow.
However, the entire chart now comes down to one level. If the silver price breaks under $71 support, Soloway sees a strong chance the market falls into the $54 to $50 zone over the coming weeks.
This will be a key reset point on the long-term chart. If silver holds at $71 and continues to push back above $92, the pressure on the downside will reduce, and the next levels will become $103 and then $121.
For now, the support level is being watched closely because the next move could be significant.
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