The silver price came under heavy pressure after nearly $600 billion was wiped from the precious metals market on May 27 during a brutal global sell-off. Silver dropped around 1.4% yesterday, touched $73, fell as low as $71 earlier today, and is now trading near $72.861.
The latest decline followed Iran’s attack on a U.S. air base in Bahrain on May 28, which pushed Middle East tensions higher and triggered panic selling across risk markets. At the same time, the US Consumer Confidence Index slipped from 93.8 in April to 93.1 in May, adding fresh concerns about inflation and economic weakness.
Traders are also pulling back expectations for Federal Reserve rate cuts ahead of upcoming US PCE inflation data, putting more pressure on non-yielding assets like the silver price.
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Silver Price Bottoming Debate Intensifies as Analyst Defends $73 Zone
Market commentator TheApeOfGoldStreet believes the silver price is still forming a bottom despite the latest sell-off. In a post shared on X, the analyst pushed back against traders celebrating the drop, arguing that silver remains in the same bottoming range first identified five trading days ago near $73.
#Silver – I see some trolls coming back claiming victory because silver sold off these last couple of days.
— TheApeOfGoldStreet (@TheApeOfGoldST) May 28, 2026
Well, first off:
I loaded up at $73 only 5 trading days ago and called for the fact silver was bottoming, which it is. We are now at $73.5 so we are still in the…
The analyst explained that options expiry and futures expiry were expected to create short-term pressure on metals this week. The renewed military conflict involving Iran added extra pressure that was not part of the original outlook, but the analyst still believes the broader setup remains intact heading into June.
The post also made it clear that the analyst expects stronger upside moves later, arguing that traders turning bearish near the $73 level may end up caught off guard if the silver price rebounds over the next few weeks. The main argument is that this drop looks more like temporary panic selling tied to macro events instead of a complete breakdown in the silver market.
What the Silver Chart Is Showing Right Now
We had a look at the chart, and the trend still shows strong volatility after the huge rally earlier this month. The silver price climbed aggressively from near $73 in early May to almost $88 before sellers stepped in hard around the May 14 peak. Since then, price action has turned weaker with lower highs forming across the chart.
The latest drop pushed the silver price back toward the same $72-$73 support zone that buyers defended earlier in the month. That area matters because every major bounce in May started from this region. If bulls fail to defend it again, traders could start watching the $70 level next.
Related Silver News: Robert Kiyosaki Makes Shocking Silver and Gold Price Predictions for 2026
Momentum indicators also show weakness. The RSI has fallen close to 32, which places silver near oversold territory. At the same time, the stochastic indicator remains weak near the lower range, showing buyers still have not fully regained control of short-term momentum.
Even so, there are signs the selling pressure may be slowing down. The last few candles show smaller bodies and reduced downside momentum compared to the aggressive sell-off seen earlier this week. If the silver price can reclaim the $75 area, traders may start looking toward a stronger recovery attempt into June.
However, silver is stuck. Big world fears pull it one way, and big money moving into the metal pulls another. Fighting between countries, worries about rising prices, and harder-to-find cash are all making silver swing around.
Even with prices getting pushed down, some analysts still think the larger bottom could be forming near $73.The next few trading sessions will likely decide whether silver stabilizes here or breaks lower toward fresh support levels.
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