By: Razan Hilal, Market Analyst
Silver has broken below the uptrend support that carried it higher between July and September 2026, tracking an almost identical breakdown on the gold chart. Silver's technical outlook still holds a long-term bullish structure, because the decline paused at the 61.8% Fibonacci retracement of the July to August 2026 advance, the level known as the golden ratio. That support coincides with a round-number psychological level on the silver chart. The 2026 yearly lows now mark the line between a routine silver correction and a deeper drawdown toward multi-decade support.
Razan Hilal, StoneX Media Market Analyst and a Chartered Market Technician, has spent seven years analyzing forex, stocks, commodities and equity indices from Dubai. Her work centers on technical and intermarket analysis, tracking trend and swing structure in silver and gold from daily charts out to six-month timeframes.
Silver broke below the uptrend support connecting consecutive higher lows between July and September 2026, a move that closely follows the breakdown on the gold chart. "Despite the latest breakdown in gold and silver below the three month uptrend between July and September 2026, the long-term bullish outlook remains intact," Hilal says. The silver decline stalled where a round-number psychological level meets the 61.8% retracement of the July to August 2026 advance, measured excluding the extended volatility across August. A sustained close below that zone would point silver toward the 78.6% retracement, which lines up with the resistance that guided price action between January and August 2026. Former silver resistance acting as support is the role reversal Hilal identifies as a potential dip buying zone.
Silver's 2026 yearly lows are the threshold that decides whether the current pullback remains a correction or extends into a steeper decline. A break below the 78.6% retracement zone would redirect silver back toward those yearly lows, mirroring the scenario Hilal maps for gold. According to Hilal, the strength of the yearly lows on both charts is "aligning with long term historical confluence zones that are still keeping the broader outlook on a long-term bullish note despite the latest drawdowns". Should silver give way below those lows, the next stops are a round-number psychological level and then the lows set in late 2025. On the six-month chart, that deeper silver zone coincides with a multi-decade resistance line connecting successive highs since the 1980s and the 61.8% retracement of the metal's broader long-term advance.
--- Written by Frédéric Guétin, StoneX Media Producer
--- Expert: Razan Hilal, StoneX Media Market Analyst
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Silver has broken below its three-month uptrend in step with gold, yet its decline has paused at the golden 61.8% Fibonacci retracement. The 2026 yearly lows now mark the boundary between a routine correction and a deeper drawdown toward multi-decade support.
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