Silver price has fallen below $59 per ounce, and extended a difficult stretch that has erased much of its recent rebound.
The latest move is part of a broader precious-metals sell-off driven by higher Treasury yields, a stronger U.S. dollar, and renewed expectations that the Federal Reserve may keep rates elevated for longer. Silver has also lost an important technical support zone, which is adding pressure from traders watching the chart.
Analyst Ian Cooper warned that the setup had been weakening for more than a week, and his chart now puts $59.62 at the center of the short-term outlook.
What you'll learn 👉
Ian Cooper Warns Silver Is Close to a Breakdown
Cooper said silver had only just managed to avoid a breakdown before falling again overnight.
His chart shows price moving inside a descending channel since the late-August highs near $71.
Silver then entered a smaller consolidation box around roughly $60 to $61.70.
That box was important because it represented the final area of short-term support after the broader decline.
Price has now moved below the $59.62 level Cooper has been watching.
That weakens the immediate structure considerably.
Cooper remains long silver, but he said his technical view is still that lower prices are more likely.
Why Silver Price Is Down
The bigger reason for the decline comes from macro markets.
U.S. Treasury yields have moved back toward multi-decade highs as traders worry about inflation, government debt, and the possibility of additional Fed tightening. Higher yields are a problem for silver because precious metals do not pay interest, making bonds more attractive by comparison.
The dollar is also close to an 18-month high after the Fed’s September minutes kept another rate increase in play. A stronger dollar tends to pressure dollar-priced commodities because they become more expensive for buyers using other currencies.
Oil is adding another complication.
Higher crude prices are increasing inflation fears, which can keep bond yields elevated and make rate cuts less likely. That has created an unusual environment where inflation concerns are rising but precious metals are falling because yields and the dollar are moving higher even faster.
Silver futures had already fallen more than 2% in the previous session, slipping below $60 as those pressures intensified.
Read also: “I’m Selling My Gold”: Analyst Holds Tight to Silver, Predicts What the Future Holds
Silver Has Lost a Key Technical Level
Cooper’s chart shows $59.62 as the most important near-term line.
Silver is now below it.
That means the support which had held the recent consolidation is no longer doing its job.
The next important downside area on his chart sits around $54.
If silver continues lower, Cooper believes that is the next major support to watch.
Below that, his broader bottoming zone stretches into the high-$40s.
That would represent another substantial leg lower from current levels.
RSI Still Has Room to Fall
The RSI on Cooper’s daily chart is around 37.
That is weak, but it is not yet deeply oversold.
An RSI below 30 is typically seen as oversold, so silver still has room to decline before reaching that threshold.
This fits Cooper’s warning.
The chart is weak enough to favor further downside, but not yet stretched enough to make a strong reversal obvious.
Silver Price Outlook
The key levels are fairly clear now.
| Level | Importance |
|---|---|
| $59.62 | Broken support and first level bulls need to reclaim |
| $60-$61.70 | Former consolidation zone |
| $54 | Next major support |
| High $40s | Cooper’s broader potential bottoming zone |
| $65 | Upper descending-channel resistance |
A quick recovery back above $59.62 would reduce some of the immediate pressure.
A move back inside the $60 to $61.70 box would be even better for bulls.
But as long as the silver price remains below that area, Cooper’s bearish setup stays intact.
The macro backdrop is not helping either. Rising yields, a strong dollar, and higher oil prices are all creating pressure at the same time.
So even though silver is already down significantly, the chart still leaves room for another leg lower before a stronger bottom forms.
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